quora Chinese Authorities Force Close BISS | Finance Brokerage
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Chinese Authorities Force Close BISS

Chinese cryptocurrency exchange BISS recently halted its operations as ordered by authorities. Aside from that, they also arrested ten people who they suspect have something to do with its services.

Local media Sohu was the one who kept track of the actions undertaken by Chinese authorities. However, the date at which the event took place is still unclear.

On November 22, founding partner of the blockchain-based investment company Primitive Ventures Dovey Wan explained on Twitter that the local cryptocurrency community already know this for two weeks. But the news came out much later. Also, she claimed that the Beijing-based exchange in question is noteworthy, “It’s a relatively known up-and-rising exchange.”

On November 18, a blog post addressed the exchange’s user withdrawal issues. Moreover, the company also cleared that Chinese authorities have stopped the operations.

In the announcement, the firm stated that operations stopped while the authorities looked into the case to ensure the safety of user interests. Then, the exchange also promised to cooperate with Chinese law enforcement entirely.

In a report the previous week, Shenzen authorities found a total of 39 exchanges falling afoul of China’s cryptocurrency trading ban. Moreover, the Chinese technology capital of Shenzhen previously issued a warning against illegal activities involving cryptocurrencies. And these include cryptocurrency exchanges.

Bitcoin Price Dropped

Elsewhere, the Bitcoin (BTC) price had a seemingly sudden turn over last week. The digital asset also dropped nearly $2,000 over the past five days.

Last Friday, the price of Bitcoin found a floor at $6,776. Recently, there are a lot of theories floating around Twitter. For instance, some attribute the fall to the Plus Token scammer identified as a whale that dropped 7,000 BTC on Huobi.

On the other hand, they suggested that the FUD surrounding China’s latest vow to get rid of crypto exchanges directly damaged crypto price. China-driven FUD is a real catalyst for negative price action.

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