Chinese Crypto Office BISS Shut Down

Chinese authorities force closed the local cryptocurrency exchange, BISS. Then, they arrested about ten people suspected of being part of its operations.

On November 22, local media Sohu reported the developments undertaken by Chinese authorities. But the actual date of when the event took place is unclear.

In addition to that, also on the same day, Dovey Wan, the founding partner of blockchain-based investment firm Primitive Ventures, stated that the local crypto community had known of the progress for a couple of weeks. However, the information was publicized a little late. Also, She believed that the Beijing-based exchange in question is remarkable, “It’s a relatively up-and-rising exchange.”

Aside from that, in a blog post shares on November 18, the exchange discussed the user withdrawal issues. Then, the firm confirmed that Chinese authorities had stopped operations.

The post indicated, “According to market sources, it is understood that BISS’ operations have been halted following an enquiry by China’s regulatory authorities around its services offered to users.”

Moreover, according to the blog post, this may not align with the capital controls regulations in China. The firm also insists on the announcement that operations had halted while the authorities looked into the case to safeguard user interests. Then, the exchange indicated that it plans to cooperate appropriately with Chinese law enforcement.

Bitcoin Price Fell to $2,5K

Meanwhile, Bitcoin (BTC) price had a seemingly surprising turn over the previous week. Also, the digital asset sheds to almost $2,000 over the past five days.

Then, last Sunday, Bitcoin was slightly stronger, with a peak of $8,727. But on Friday, the price dropped at $6,776. BTC has a drop of as much as 22% in just five days.

In some theories on Twitter on why the price dropped, some attribute the drop to the Plus Token scammer identified as a whale that dumped 7,000 BTC on Huobi.