Another China-based cryptocurrency exchange, Yunbi, has announced the closure of its trading operations in the midst of a wider crackdown within the country.
A notice on the firm's website follows similar announcements made by exchanges BTCC and ViaBTC in the last two days, citing a recent regulatory statement banning initial coin offerings (ICOs) as the reason for its closure.
At the time of the ICO statement on September 5, Yunbi stated it would comply with the ban by delisting all ICO tokens from its platform – a response which was evidently not sufficient to protect the exchange from further restrictions that appear to be coming into force.
Reportedly, all China's bitcoin and cryptocurrency exchanges have received orders that they will need to voluntarily shut down by the end of today, September 15.
The Huobi and OKCoin exchanges are expected to announce plans to shut down within hours.
Closed sign image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.