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Reports: China orders bitcoin exchanges to shut down

AP  |  Beijing 

Two Chinese business newspapers say regulators in Shanghai, the country's financial center, have ordered exchanges that trade the cyber currency bitcoin to shut down.

Business and Economic Report said Thursday regulators gave verbal instructions to operators of platforms to close but gave no other details. That followed a report last week by a business magazine, Caixin, that regulators had ordered a halt to trading.

The Chinese central has not responded to questions about the future of bitcoin in but last week banned initial offerings of new cyber currencies. Central officials have warned that bitcoin trading could be associated with fraud.

was one of the world's biggest markets for bitcoin but trading volume has declined as regulators tightened controls.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 14 2017. 16:42 IST