With the primary goal of protecting investors from the volatile cryptocurrency market, the Chinese government embarks on the path of cracking down any crypto-related trading activities. The latest to receive the wrath of the Chinese authorities is crypto exchange BISS.
As reported by local news outlet Sohu on November 22, aside from shutting down BISS, ten individuals with an alleged connection to the exchange’s operations had been arrested as well.
Dovey Wan, the founding partner of Primitive Ventures, immediately took his reaction to the news to Twitter. She emphasized that Chinese authorities had cracked down BISS operations two weeks ago and that the local crypto community was aware of it. However, she wondered why the news was only disclosed on November 22. Wan even noted that BISS is dramatically on its way of cementing its reputation in the industry.
BREAKING— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 22, 2019
(which is known in Chinese crypto community for 2 weeks btw the “news” is just out)
A Beijing based crypto exchange BISS is arrested by local police (it’s a relatively known up-and-rising exchange) https://t.co/DRyOlyaTpm
Over 10 ppl have been arrested
Notably, on November 18, BISS published a blog post that addresses the issues posed by users regarding withdrawal. The crypto exchange also took the opportunity to inform its clients that the Chinese authorities have temporarily halted the exchange’s operations. According to previous reports, the company’s existing services are not aligned with the Chinese government’s regulations on capital controls.
BISS also assured its users that investigations are currently ongoing and that it would fully cooperate with Chinese authorities to be able to resume operations as much as possible.
Previously, Cointelegraph reported that Shenzhen authorities had identified 39 crypto exchanges that are allegedly violating China’s crypto trading ban. As emphasized in the report, these firms, once proven guilty, would have to face the consequences of their wrongdoings.