China latest: Huobi and Okcoin are to receive an extra month to shut down due to their size.
The latest news from China has -lsquo;sweetened-rsquo; reports all exchange should close by September 30, giving Huobi and Okcoin an extra month of life.
Reports from local news outlet- Caixin suggest the two exchanges-rsquo; lack of ICO offerings was one of the factors allowing them to continue operating longer than others.
-mdash; WhalePanda (@WhalePanda) September 15, 2017
-ldquo;Because the two platforms have large numbers of users and have not performed ICO operations, the relevant departments have given Huobi and Okcoin a one-month buffer period to stay open until the end of October before shutting down,-rdquo; the paper states.
Specific proposals are still being -ldquo;studied,-rdquo; it added.
The highly volatile Bitcoin market reacted almost instantly to the news, climbing around $400 in minutes from lows of $2972.
The early updates received mixed reviews, however, with some social media commentators suggesting it is a way for Chinese regulators to prolong market manipulation.
Official confirmations are still yet to surface regarding obligatory closure for remaining exchanges by September 30.