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China’s Bitkan suspends over-the-counter bitcoin and bitcoin cash trading services – SCMP

“China’s Bitkan said it would suspend its over-the-counter (OTC) bitcoin and bitcoin cash trading services from Thursday,” South China Morning Post said in a recent article.

Key highlights:

  • The move is in response to the recent ban on the practice of initial coin offerings (ICOs), Bitkan said in the statement.
  • Bitkan’s announcement followed the Chinese central bank’s recent decision to ban fundraising through digital currencies, branding it as illegal. 
  • The People’s Bank of China (PBOC) said that 90 per cent of the ICOs launched in China were found to have been fraudulent.

As of writing, the BTC/USD pair was trading at $3866, losing 6.8% on the day.

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