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Local Sources: China Bans Travel By Bitcoin Executives



De Silva

On Monday, Beijing News reported that executives of Chinese bitcoin trading platforms may not leave the country, per industry insiders. During this period of uncertainty, the executives must fully cooperate with Chinese authorities.

On September 18, 2017, Beijing News reported a travel ban for domestic bitcoin trading executives. The outlet cites “industry insiders” as the source of this revelation. A translation of the announcement reads:

A number of insiders said that current executives, owners, shareholders, and managers of bitcoin trading platforms are not allowed to leave Beijing. In accordance with regulatory requirements, shareholders, owners, and financial executives must fully cooperate with the ongoing investigation during the closure process in Beijing.

Although the alleged prohibition singles out “bitcoin executives,” the injunction would likely apply to people in management positions at virtual currency trading platforms more broadly.

ETHNews previously reported that Chinese virtual currency exchanges Huobi and OKCoin will cease their operations by October 31, 2017. Yesterday, a source close to Huobi told the Australian Financial Review that the exchange’s founder, Li Lin, was required to “report to the authorities and cooperate with their work at any time.” Even if the ban is unofficial, demanding complete cooperation could make travel close to impossible.

BTCChina, another large bitcoin exchange, will also end all trading activity very soon. Earlier this month, the People’s Bank of China, in conjunction with a handful of government agencies, announced a ban on ICOs (token offerings).

ETHNews will continue to follow and update this story.

Matthew De Silva

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

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