The shoe has dropped, Beijing issued a notice to shut down Bitcoin exchanges

On September 15, the Beijing Internet Finance Risk Special Rectification Leading Group Office convened a meeting with the heads of Beijing's virtual currency exchanges. Tencent Finance learned from people close to the meeting that the Beijing regulatory agency has issued a document today requiring virtual currency exchanges registered in Beijing to issue an announcement no later than 24:00 on September 15, clearly stating the final time for stopping all virtual currency transactions and announcing an immediate halt to new user registrations.

The document also requires that all trading venues should formulate a detailed risk-free cleanup and withdrawal work plan before 18:00 on September 20, 2017, and submit it to the Office of the Beijing Internet Finance Risk Special Rectification Leading Group for filing, properly handle bond and debt relationships, and ensure the safety of investor funds and various virtual currencies.

At the same time, regarding the issue of funds, the document requires that each trading venue should determine a bank account for storing customer funds by 18:00 on September 20, 2017, cancel other bank accounts and non-bank payment institution accounts, and report to the Business Management Department of the People's Bank of China for filing.

Beijing is home to the country's two largest virtual currency exchanges, Huobi and OKCoin. With the release of this document, China will completely say goodbye to Bitcoin exchanges.

The following is a document circulating online:

The main contents include:

1. Each exchange shall formulate a detailed risk-free cleanup and withdrawal work plan before 18:00 on September 20, 2107, and report it to the Beijing Internet Financial Risk Special Rectification Leading Group Office for filing, properly handle the creditor's rights and debts relationship, and ensure the safety of investors' funds and various virtual currencies.

2. Each trading venue should determine a bank account for storing customer funds before 18:00 on September 20, 2017, cancel other bank accounts and non-bank payment institution accounts, and report to the Business Management Department of the Central Bank for filing.

3. All trading venues should issue an announcement no later than 24:00 on September 15, 2017, clearly stating the final time for stopping all virtual currency transactions and announcing the immediate suspension of new user registrations.

4. Shareholders, actual controllers, senior managers, financial managers, and core technology managers of all trading venues must fully cooperate in the platform cleanup and exit work in Beijing during the cleanup and exit period.

5. Each trading venue shall report its operating status and progress of liquidation and withdrawal work to the financial office of the district where it is registered every day before completing the liquidation and withdrawal work.

6. Each trading venue should preserve customer transaction and asset data, and submit the data to the financial office in the place of registration.