Yunbi is a top 40 exchange in China and it has been ordered to shut down permanently. An announcement has been posted on the Yunbi portal where it says that it must stop trading most pairs so withdraw Chinese Yuan and other digital currencies. The shut down operation must be completed within 3-months.
Yunbi was associated with myriad ICOs and many of them have been put in banned ICO list. Huobi, OkCoin and BTCChina have not been affected. They have posted on their website that they have not received any order from the regulatory authorities and currently are not in position to confirm the authenticity of the news. As a company based in China, BTCC’s basic principle is to comply with local regulatory policy. If the report is true, we will firmly support the policy and protect the customer’s asset security.
However, you will still be able to get BTC in China via local bitcoins. It is interesting to note that Yunbi was once number one in terms of trading volume in entire world. Now that it will be closing in 3 months, the Chinese Yuan liquidity supply will shrink. Li Xialai who owns 25 percent stake in Yunbi has confirmed online that Yunbi is indeed winding down in 3-months.
September 12, 2017