Regulators in China say the Bitcoin exchanges are all but banned, and the news caused the crypto currency to drop noticeably.

Reports from Bloomberg and The Wall Street Journal on Monday first indicated that China had planned to ban the trading of Bitcoin and other virtual currencies on its exchanges. Now, China’s second-largest digital-currency exchange announced it was shutting down its domestic trading operations. This is the latest development in China’s attempts to impose control within its borders over the stateless currency.

Bobby Lee, CEO of the bitcoin exchange BTCChina, tweeted Thursday that the firm would stop all trading on September 30 following China’s ban on initial coin offerings, the cryptocurrency-based fundraising method.


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