Chinese Authorities Shut Down Crypto Exchange BISS, Arrest Staff Members

Chinese officials shut down local digital currency exchange BISS and captured ten individuals alleged of being engaged with its operations. 

Local media Sohu provided details regarding the activities attempted by Chinese officials on November 22. However, the date at which the event itself occurred is hazy.

That day, founding partner of blockchain-based investment firm Primitive Ventures Dovey Wan stated on Twitter that the local digital currency community had known about the development for two weeks. Be that as it may, the news was reported a lot later. She additionally guaranteed that the Beijing-based exchange being referred to is noteworthy:

“It’s a relatively known up-and-rising exchange.”

In a blog entry distributed on November 18, the exchange tended to client withdrawal issues. The company additionally affirmed that Chinese officials had halted operations:

“According to market sources, it is understood that BISS’ operations have been halted following an enquiry by China’s regulatory authorities around its services offered to users, which may not be aligned with capital controls regulations in China.”

The firm confirmed in the statement that activities had stopped while the authorities investigated the case to defend client interests. Ultimately, the exchange additionally underscored that it plans to comply entirely with Chinese law enforcement.

As reported a week ago, Shenzhen officials distinguished a sum of 39 exchanges falling afoul of China’s digital currency trading ban.

Moreover, the Chinese innovation capital of Shenzhen recently gave a warning against illegal operations relating to digital currencies, including digital currency exchanges.