42.66 -0.24 (-0.56%)
After hours: 7:59PM EST
|Bid||42.76 x 800|
|Ask||43.15 x 3100|
|Day's range||42.67 - 43.76|
|52-week range||34.26 - 74.68|
|Beta (3Y monthly)||2.13|
|PE ratio (TTM)||17.20|
|Earnings date||3 Mar 2020 - 9 Mar 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||49.06|
(Bloomberg) -- China’s latest crypto-crackdown is already claiming its first casualties.At least five local exchanges have halted operations or announced they will no longer serve domestic users this month, after regulators issued a series of warnings and notices as part of a cleanup of digital currency trading.China’s stepping up scrutiny of its massive cryptocurrency industry just weeks after President Xi Jinping ignited a market frenzy by declaring Beijing’s support for blockchain technology. Financial watchdogs including the Chinese central bank have in past weeks ordered crypto firms to shutter and warned investors to be wary of digital currencies, seeking to rein in a market prone to excesses. Weibo, a Chinese Twitter-like service, suspended accounts operated by major exchange Binance Holdings Ltd. and blockchain platform Tron.Taken together, the latest wave of shutdowns and restrictions represent the biggest cleanup of the sector since an initial Chinese clampdown in September 2017. Although exchanges that allow users to buy Bitcoin and Ether with fiat money were banned, trading had remained rampant in China through over-the-counter platforms or services that deal with crypto assets only. Now, even those alternatives have succumbed to regulators, spooking investors. Bitcoin this week sank to its lowest level in six months at the end of its longest losing streak since at least 2010. The largest crypto-currency recovered with a 6% rebound on Wednesday but is still poised to post its worst month since November last year.Twenty of the top 50 crypto exchanges are based in the Asia-Pacific region and accounted for about 40% of Bitcoin transactions in the first half of the year, according to data from Chainalysis. Within the region, the most exchanges are in China, the research firm found.Aaron Hu, a 26-year-old computer engineer in the central Chinese city of Changsha , said he moved all the crypto he holds -- several million yuan’s worth -- from exchanges like Binance and OKEx to his own wallet address. “The first thing I thought of is how to secure my assets,” he said.Read more: Bitcoin Touches Six-Month Low as More Supports Give WayLast week, Chinese exchange operators Bitsoda and Akdex announced termination of service. Rival Biss said this month it’s halted operations while executives cooperate with a government probe. Btuex said on Monday it will shut in response to Chinese government orders, reopening in future to serve only overseas users. And Idax said on Sunday it will also no longer serve users in China but focus on users abroad, citing policy reasons.“It appears that, like everything else within their borders, China feels it needs to have tighter controls on the crypto market including exchanges, miners and asset issuers,” said Katie Talati, head of research at Arca, a Los Angeles-based asset manager that invests in cryptocurrencies. “I do believe, however, they are moving in a similar direction as Japan and other jurisdictions that have tight and clear regulations for crypto businesses.”For now, uncertainty over how deep the apparent crackdown will run has spurred traders to transfer their money to safer places. One of crypto’s largest wallet apps, ImToken, said Tether transactions among its nearly 10 million users surged to $66 million on Nov. 22, the day China’s central bank issued its latest warning against crypto trading. That’s more than double the app’s average daily Tether transaction in October, the IDG-backed startup told Bloomberg News. Tether, a so-called stable coin pegged to U.S. dollars, is a popular vehicle for investors to move their money into and out of crypto coins.“The current situation and environment for blockchain in China is still very positive,” Tron founder and crypto entrepreneur Justin Sun said. “In the short term, it may not get as much progress as we’d expect.”Here’s a timeline of the recent developments from China that’s been blamed for the plunge:On Nov. 13, Binance’s Weibo account was suspended.On Nov. 14, the Chinese central bank’s Shanghai office and the city’s financial regulator issued a notice asking local government agencies to work with crypto-related companies under their supervision to exit such businesses immediately. On the same day, Beijing’s financial regulator published a statement warning against illegal exchange operations.On Nov. 15, Tron’s Weibo account was frozen.On Nov. 21, Shenzhen financial regulator said in a statement it’s looking into allegedly illegal crypto operations, organizing check-ups and gathering evidence.On Nov. 21, crypto publication the Block reported Binance’s Shanghai office was shut in a police raid. Binance disputed the report, or that it has fixed offices in China.On Nov. 22, the Chinese central bank’s Shanghai branch said in a statement that companies that have conducted publicity campaigns, or have offered other services to offshore crypto exchanges, have been ordered to take immediate corrective actions or exit the business.(Updates with Bitcoin trading in the fourth paragraph)To contact the reporters on this story: Zheping Huang in Hong Kong at firstname.lastname@example.org;Olga Kharif in Portland at email@example.comTo contact the editors responsible for this story: Joanna Ossinger at firstname.lastname@example.org, ;Jeremy Herron at email@example.com, Edwin Chan, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Crypto giants Binance Holdings Ltd. and Tron have been banned on China’s largest micro-blogging service amid what appears to be fresh steps to crack down on digital currency trading.The official accounts of exchange operator Binance and blockchain platform Tron were suspended by Twitter-like Weibo last week. At the same time watchdogs in Shanghai issued notices calling for a cleanup of companies involved in cryptocurrency trading, while one in Beijing warned against illegal exchange operations.The latest crackdown came after President Xi Jinping urged faster development of blockchain last month, hailing it as one of the core technologies requiring China-led innovations. Xi’s remarks spurred companies to jump on the blockchain bandwagon to drive share prices. State media have warned against the frenzy.The Shanghai headquarters of China’s central bank and the city’s financial regulator said in a notice they co-signed on Nov. 14 that local government agencies should work with any companies under their supervision that are tied to cryptocurrency to exit such business immediately, Bloomberg News has reported.A Binance spokeswoman said Monday that Weibo suspended the exchange’s account last Wednesday, before the notice was issued, adding that the social media platform didn’t give a reason. Binance is appealing the decision, she said. Tron founder Justin Sun told Bloomberg on Monday that he doesn’t think the Weibo account shutdown is related to the government notice. Tron is working to restore the account.Weibo didn’t respond to requests for comment.In the notice, the Shanghai regulators cited an order from China’s top internet-finance watchdog, which they said is concerned about the resurgence of speculative bubbles after the recent promotion of the blockchain technology that underpins cryptocurrencies such as Bitcoin.A representative with the Shanghai branch of the People’s Bank of China confirmed the authenticity of the notice, which has been circulating online, but referred to the city’s financial-stability office for comment. Calls to that office went unanswered.A separate announcement, published on the website of Beijing’s financial regulator on the same day, warned against the risks of illegal operations of financial-asset exchanges in the capital -- but didn’t cite crypto specifically.Bitcoin fell 0.3% on Tuesday to $8,191 as of 8:08 a.m. Hong Kong time, dropping a fifth straight day amid concern about China’s restrictions.Read more: From Pigs to Party Fealty, China Harnesses Blockchain PowerWhile China is an avid supporter of blockchain -- the central bank is working on its own digital currency -- authorities have waged a two-year campaign to restrain crypto activities amid concerns like speculation, fraud and capital flight. In 2017, China ordered an end to exchange trading of digital currencies, but trades are still rampant through alternatives like over-the-counter channels offered by exchanges Huobi and OKEx. Malta-based Binance also recently started to host OTC yuan trading.“We want to follow the recommendations very closely, and we want to promote the blockchain research and development,” Binance Founder and Chief Executive Officer “CZ” Zhao Changpeng told Bloomberg Television last week about its China strategy. “We just want to help where we can.”Zhao said Binance doesn’t have an office in Beijing, following a recent report from industry publication CoinDesk that it’s planning to open one that cited two unnamed sources. The Binance spokeswoman said Monday that the exchange doesn’t have fixed operations in mainland China at the moment.As for Tron, its controversial Chinese founder apologized in July for “excessively” promoting his charity lunch with Warren Buffett, noting it raised concerns among authorities. The lunch that Sun had won with a more than $4.6 million bid at auction was delayed and still appears not to have been rescheduled.(Updates Bitcoin level in 10th paragraph.)\--With assistance from Joanna Ossinger.To contact the reporter on this story: Zheping Huang in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Joanna Ossinger at email@example.com, Colum Murphy, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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China is sending a team of experts to Thailand - after the death of one of its panda diplomats sparked outrage on social media. Chuang Chuang died in a Thai zoo on Monday (September 16). Chinese social media lit up with outrage at the unexpected death, with a hashtag drawing in 250 million views on Weibo. One user said 'Thailand is so evil... we shouldn't be renting out pandas after this!' Beijing has been engaged in what's often dubbed panda diplomacy since the 1950s. Using their iconic bears as signs of goodwill across the world. President Xi recently presented Russia's president Putin with two furry ambassadors in Moscow. In France, President Macron's wife was named godmother of a feisty young cub back in 2017. Now Chinese Weibo users are saying 'no more pandas for Thailand'. Zoo staff held a moment of silence ahead of a news conference on Tuesday (September 17). One zookeeper said the staff loved and nurtured Chuang Chuang, and hopes everyone will miss him like they do. The cause of his death is still unknown. The zoo says they can't perform an autopsy on the 19-year-old until the Chinese authorities arrive on Thursday (September 19). Pandas generally live around 14 to 20 years in the wild, and up to 30 in captivity - according to the WWF.