China bitcoin exchanges awaiting clarification on closure report

China bitcoin exchanges awaiting clarification on closure report
China’s Bitcoin exchanges said on Saturday they are still awaiting clarification from the authorities on a media report that they will be shut down.

BEIJING (Reuters) – China’s Bitcoin exchanges said on Saturday they are still awaiting clarification from the authorities on a media report that they will be shut down.

Bitcoin fell sharply on Friday after Chinese financial publication Caixin reported that China was planning to shut down local crypto-currency exchanges, although analysts said this was just a temporary setback.

The news follows China’s move earlier this week to ban so-called “initial coin offerings,” or the practice of creating and selling digital currencies or tokens to investors in order to finance start-up projects.

Reuters was not immediately able to verify the report.

A spokeswoman for Beijing-based OK Coin said the platform has not received any notification from regulators.

Spokespersons at Beijing-based Huobi and Shanghai-based BTCC said they were still waiting for further official clarification.

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