Exclusive | Bitcoin trading platforms rush to contain damage

In first interview since central bank’s ban on IPO-like coin offerings, Tian Ying, vice-president of the bitcoin trading platform OkCoin says companies being forced into drastic strategic adjustments, if not complete overhauls

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Chinese regulators have been especially strict on Beijing companies, lesser so with those in Shanghai and Shenzhen, anxious to underline the industry is doing everything in its power to limit financial risk. Photo: Bloomberg

Sarah Daiin BeijingandAmanda Leein Hong Kong

Published: 9:00pm, 19 Sep 2017Updated: 12:54pm, 20 Sep 2017

China’s sweeping ban on cryptocurrency trading is wreaking havoc on the country’s once thriving sector, forcing many firms into drastic strategic adjustments, if not complete overhauls.

“The management of OkCoin will discuss and announce its future plans once [we have] attended to customers’ withdrawals first,” said Tian Ying, vice-president of the bitcoin trading platform and blockchain service provider.

In her first interview since the central bank’s ban on IPO-like coin offerings, and an expanded crackdown on all digital currencies trading, Tian told the South China Morning Post it had been left with little time to think about its next step.

“Right now, an orderly exit is the key. We are trying our best to tell customers and keep them from waiting if they decide to exchange their bitcoin for renminbi,” said Tian, adding the company is hiring extra staff to speed up customer services.

OkCoin and Huobi, two Beijing-based platforms announced over the weekend they would stop providing renminbi-denominated transaction services on all digital assets, by the end of October. Photo: AP