"A number of sources say executives of special currency exchange platforms can not leave Beijing to cooperate with the investigation. According to regulatory requirements, the shareholders of the trading platform, the current controller and financial executives need to fully cooperate with the relevant work in the cleaning period in Beijing. "
The Australian Financial Review (AFR) says that the above message was confirmed with them by "a source close to one of the largest exchanges, Huobi", who told them that its founder, Li Lin, was required "to inform the authorities and cooperate with their work at any time. "
The desperate measure is made following a decision by the Communist Party of China to close all exchanges of criptomoedas, with turnover in the country falling considerably.
Chinese trading volumes now account for only about 5% - 10% of Bitcoin's or Ethereum's global trading volumes. With the price significantly lower. CoinMarketCap will exclude you from average price calculations.
China isolates itself from the world: Bitcoin thrives by independent
China, therefore, seems to have been isolated, while the rest of the world seems to be moving forward, but issues are being raised in relation to the miners, with about 80% of its operations centralized in the country. An investor in Chinese mining companies in Bitcoin told AFP:
"We were not all believing they would close the exchanges, so we are preparing for the worst."
China's decision to close the exchanges surprised many and was very unexpected with the authoritarian government giving no clue that they plan to take such desperate measures.
So what can they do about Mining operations: a $ 2 billion import industry that may have trouble operating without the ability to sell their bitcoins to the market.
China's miners are apparently preparing for the worst, with some thinking of moving to neighboring countries or to very cold areas such as Iceland.
However, I'm not messing with the Chinese. I'm out of the markets and all cash, baby!