Bitcoin Stock Exchange BTC shuts down in China

Almaty. September 15. Silkroadnews – Bitcoin Stock Exchange BTC shuts down in China, Internet portal “Financial Review” reported.
“A major Chinese exchange specializing in the trading of bitcoin announced that it would stop trading by the end of the month, amid a broader crackdown against virtual currencies by authorities in Beijing,” the report said.
Reportedly, in a statement published in the Chinese instant messenger WeChat, BTC China stated it would “stop all trading on September 30”.
The decision to terminate the activities of BTC China was made several days after the Chinese authorities banned use of ICO for fundraising, and amid fears that regulators would tighten rules regarding other crypto-currencies like bitcoin.
“The exchange’s decision is the first of its kind in China, and it raises the specter of other exchanges shutting down bitcoin trading in the future,” the publication reads.  
According to the publication, despite the fact that the crypto-currencies give China an opportunity for new technology development, officials also worry it would allow to transfer large money amounts abroad, thus, being used for money laundering.