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Bitcoin crashes with Chinese Announcement

Bitcoin crashes with Chinese Announcement
By We Play Coins
Added on Nov 22, 2019

Bitcoin crashes with chinese announcement according to the crypto community. Bitcoin crashed to $7000 in a surprise drop today. Many have speculated that the drop is connected with the announcement from chinese authorities that has cracked down on cryptocurrency exchanges. The move led to alleged bitcoin dumping that has brought down the price. These claims have not been confirmed by any authority but it has not stopped people from speculating.

The founding partner of Primitive Ventures, Dovey Wan, has shared the news that China is going on another round of its crypto witch-hunt. Now it is tightening bolts on any providers of crypto transactions to local users, including crypto exchanges headquartered abroad.

China declares war on crypto again

Back in September 2017, China imposed a ban first on ICOs and later on extended it towards crypto exchanges. Some of them had to leave the country in search of crypto-friendly jurisdictions, such as Malta.

Binance even had to ditch Singapore for Malta to avoid negative Chinese attitude towards crypto trading.

After the recent statement of Chinese president Xi Jinping, many, including Tron and Binance rejoiced, believing that from now on the Fortune would turn its face on them instead of the back.

However, China has banned Tron and Binance’s accounts on Weibo (the Chinese analogue of Twitter).

Now, it has been reported that the Shangai head office of the PBOC (People’s Bank of China) has issued a regulatory update about tightening regulatory control over cryptocurrencies to clamp down on them and on foreign crypto exchanges that allow the Chinese to trade on them.

Rumours were also flying around that Binance offices in China were being raided. Binance countered the rumour with a statement that they do not have any premises in China. Binance moved out in 2017 and relocated to Singapore. Bitcoin crashes with chinese announcement on crypto regulation.

Binance and WazirX

In other news, Binance has acquired Indian crypto exchange WazirX. WazirX made the announcement in a letter to all their users.

Hey there!

8th March, 2018 – the day we launched WazirX trading platform. 🚀

We’ve spent these 20 months BUIDLing, and introducing innovative features like, Deposit Dhamaka, WRX Mining Rewards, XID, and STF. Your love and support has helped us become India’s most trusted and largest cryptocurrency exchange. This is why, we want to share this wonderful news with you:

*drumrolls* 🥁

WazirX has been acquired by Binance 🎉

This is a historic day for the Indian crypto ecosystem as we are India’s first crypto exchange to be acquired by an international one 💪

Together with Binance, we’ll fix the global Fiat <> Crypto problem with our unique solution — WazirX P2P!

And this marks the beginning of the next phase — Phase 2 — of WazirX’s journey.

Read our story


Nischal Shetty

Founder & CEO, WazirX

I remember how shortly after our launch, the Reserve Bank of India put a blanket ban on crypto in India. True to our promise of involving everyone into the blockchain revolution, we innovated hard and launched WazirX P2P with the world’s first auto-matching P2P engine. What a game changer it’s been! Today, due to its unique nature, WazirX P2P is the cheapest, fastest and most-used method to deposit or withdraw Indian Rupees in India.

India’s first ever Highest Trader contest!

I love how at WazirX, we’ve always continued to innovate and keep the crypto fire alive in India while we saw most exchanges shut shops or move out. Over the previous 20 months, we’ve brainstormed and introduced iconic features like, Deposit Dhamaka, WRX Mining Rewards, XID, and latest being STF!

All this, and YOU have helped us grow rapidly, and become India’s most trusted and largest cryptocurrency exchange! But we’re just getting started. 😎

Fiat <> Cryptocurrency conversion is a global issue.

Millions of people around the world — especially in developing and underdeveloped countries — are facing delays and banking issues with buying or selling of cryptocurrencies with fiat currency. We believe that the next phase of cryptocurrency adoption will happen when the world’s Fiat <> Crypto problem is solved for the masses. We plan to fix this global problem with our one-of-a-kind solution — WazirX P2P! But how?