BTCC is the first major Chinese trading platform that will immediately stop accepting new account registrations on the BTCC exchange. Furthermore, it will cease all trading on its local exchange by 30 September. However, its mining pools service and international exchange should continue to operate.
Other Chinese exchanges such as Okcoin and Huobi haven’t yet announced if and when they will similarly close their trading operations.
Following this announcement, bitcoin’s price dropped below $3500. When earlier this year deposits and withdrawals were suspended by the Chinese regulators, bitcoin’s price dropped but later rebounded.