A man takes photos of a Bitcoin ATM at a café in Zhangjiang Hi-Tech Park of Shanghai municipality on April 15, 2014. The machine is China's first Bitcoin ATM. [Photo: China News Service / Zhang Hengwei]
(ECNS) -- Five of China's largest bitcoin exchanges released a joint announcement Tuesday, promising to adopt stricter practices and continued compliance with all state policies and regulations.
The statement made by OKCoin, Huobi, BTC China, BtcTrade and CHBTC said that they would stop raising capital and absorbing bitcoins by Saturday, and also ban margin trading in the near future.
The statement also revealed that the major exchanges would no longer organize or take part in conferences or gatherings for bitcoin marketing.
They also promised to protect medium and small investors and would consider charging fees against high frequency trading.
Information disclosure and real-time systems will be set up, the statement said.
Du Jun, co-founder of Huobi, told the Beijing Morning Post that the exchanges are responsible for some financial problems caused by bitcoin. Du also said the five exchanges will halt domestic copy-cat cryptocurrencies.
The statement is considered a move to boost investor confidence and a response to continued pressure, the newspaper said.
Following this, bitcoin prices declined to a low of 2559.04 yuan ($411.51) on Tuesday morning.
Caijing.com reported on Wednesday morning that BTC China had suspended yuan deposits from the Bank of China, according to a tweet sent from its account.
Trading shares of OKCoin, Huobi and BTC China account for 60 to 70 percent of the global, the Beijing News said, citing former reports.
On April 25, the Merchants Bank said its customers would no longer be able to do bitcoin transactions using their accounts at the bank.
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