• Thu, 05 Dec 2019, 10:39 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

China shuts down BISS crypto exchange, arrests more than 10 people; Binance ‘raid’ still unclear

Crypto exchange BISS has reportedly been shut down by Chinese authorities as the country is currently on the path of halting any crypto trading activities to shield its investors from the volatile market.

Image: Philip Jägenstedt (Flickr)

Mon, 25 Nov 2019, 04:06 am UTC

China is currently cracking down on cryptocurrency exchanges that are operating within its borders. The People’s Bank of China (PBoC) – the country’s central bank – is spearheading this campaign in an attempt to halt crypto trading and protect investors from the volatile market.

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. Cointelegraph reports that BISS’ office has now been shut down by Chinese authorities, with its staff of more than 10 people arrested on suspicions of crypto operations.

An impasse between Binance and The Block

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.

Another crypto exchange that has apparently been “raided” by Chinese authorities is Binance. However, details about this development remains muddy as Binance itself is denying the raid ever happened. In fact, Binance CEO Changpeng “CZ” Zhao is denying that the exchange had offices in China, a statement that’s being contested by the crypto publication The Block.

Binance calls The Block report as ‘fake news’

The Block maintains its stance regarding its initial reporting and has published a follow-up development on the story. Meanwhile, CZ is also not backing down and said that if The Block simply apologized over its false reporting, then everything would’ve been ironed out. CZ said that Binance has always been a strong supporter of free speech but that doesn’t excuse publications to spread “fake news.”

“With regard to the theBlock article, all they had to do was to apologize to everyone affected. But instead of apologizing to the community, they insist there was nothing wrong with using a fake title like a ‘police raid’, that hurts users,” CZ tweeted.

Image credit: https://www.flickr.com/photos/foolip/2489526032

Image license: https://creativecommons.org/licenses/by/2.0/

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,458.52 (+2.83%)
  • Ethereum (ETH) $149.28 (+1.78%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $214.21 (+2.26%)
  • Litecoin (LTC) $45.24 (+0.15%)
  • Bitcoin (BTC) $7,458.52 (+2.83%)
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:49
Crypto Technicals: LTC/USD pauses downside, bullish RSI divergence raises scope for upside
10:43
U.S. financial regulators call for continued monitoring of digital assets and DLTs
10:10
Crypto Technicals: IOT/USD retraces above 0.20 handle; recovery lacks traction
09:38
Samsung Blockchain Keystore to be soon available in six more European countries, says TRON CEO Justin Sun
08:15
KT and China Mobile team up to commercialize blockchain-based roaming charge system
07:13
Crypto Technicals: XRP/USD capped below 5-DMA, on track to test trendline support at 0.1995
06:44
France to launch CBDC trial by end of Q1 2020
06:35
Crypto Technicals: BTC/USD finds selling pressure at highs, bias remains bearish as long as 21-EMA resistance holds
06:25
OneConnect seeks to raise $500M for its upcoming IPO amidst global expansion of parent company Ping An
06:17
China’s Hainan announces new measures, $142M fund to support blockchain industry
05:25
Sean Neville to step down as Circle co-CEO
05:02
Bakkt CEO Kelly Loeffler appointed as U.S. senator by Georgia governor Brian Kemp
04:58
Gemini burns GUSD bringing total supply to 4.1 million
04:46
Crypto Technicals: ETH/USD recovery capped at 200H MA, break below 78.6% Fib (141.35) to knock prices lower
03:59
Poloniex users could lose fund, account if they fail to withdraw tokens by Dec. 16, Circle warns
03:36
North Korean hacking group may be behind near-undetectable macOS malware
Dec 4, 2019 (Wednesday)
13:46
BOJ Governor Haruhiko Kuroda sees no public demand for CBDC at the moment
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft