Top Chinese bitcoin exchange shuts down

China is currently cracking down on cryptocurrency exchanges that are operating within its borders.

Individuals are instructed to report any crypto trading activities to the bank, maintaining its positivity towards blockchain technology while denouncing cryptocurrencies. Shanghai Internet Finance Rectification Agency and other financial regulators are collaborating with the PBoC to identify these actors, with some exchanges already getting shut down. Among them is local crypto exchange BISS.

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BISS itself has confirmed this development and promises to cooperate with Chinese law enforcement. Blockchain-based investment company Primitive Ventures Dovey Wan said that BISS has been an up and coming crypto exchange that has become well-known in the Chinese crypto community. However, details about this development remains muddy as Binance itself is denying the raid ever happened.

The Block maintains its stance regarding its initial reporting and has published a follow-up development on the story. TokenPost [email protected].

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