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China Is Said to Ban Bitcoin Exchanges While Allowing OTC

  • Order comes amid a broader clampdown on financial risk
  • China is home to nearly a quarter of world’s bitcoin trades
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The Wild Swings in Cryptocurrency Investments

Bloomberg News
Updated on

China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market after the country outlawed initial coin offerings last week.

The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private. Authorities don’t have plans to stop over-the-counter transactions, the people said. China’s central bank said it couldn’t immediately comment.