Bitcoin Markets Rebound as More Chinese Exchanges Plan to Close Operations

According to blog posts from two of the largest bitcoin exchanges in China, Huobi and Okcoin will be closing operations on October 31. Meanwhile, bitcoin markets have recovered back to the $3,640 range following the announcements.

Bitcoiners have been waiting for the two Chinese exchanges, Huobi and Okcoin, to announce that they were closing operations. Earlier this morning, the Chinese financial publication Caixin revealed that the two exchanges may stay open longer because they have a lot of users and the companies did not participate in the ICO process. Following this story, on September 15 at 9:30 pm Beijing time both trading platforms announced they would be closing trading operations on October 31. Both blog posts from each exchange are nearly identical.

“On September 30 we will inform all users about stopping our trading services,” explains Okcoin and Huobi’s announcement.

Bitcoin bounces back climbing over $600 higher in less than an hour.

Huobi explains to its users that this is not the end of blockchain technology and bitcoin in China stating, “such a decision is not the end, but a new beginning, the industry is more healthy and this is more development of the beginning of compliance, coins will continue in the premise of compliance, for our users.”

What do you think about the two large bitcoin exchanges closing operations in China on October 31? Let us know in the comments below.