The People’s Bank of China deputy governor Pan Gongsheng told a recent conference that 'virtual money has become an accomplice to all kinds of illegal and criminal activities.' Photo: iStock

Chinese bitcoin exchange BTCChina has stopped accepting yuan and digital asset deposits as it prepares to wind down its mainland-based trading platform at the end of September.

The company said in a statement on its website that the halt on deposits would take effect at 0400 GMT on Wednesday. It also repeated that it would shut down its exchange businesses on September 30, following an announcement to that effect two weeks ago, and will also halt yuan and digital asset withdrawals at 0400 GMT on October 31.

“All customers will be able to withdraw all their funds from our exchanges within 72 hours,” said BTCChina, which is one of China’s largest exchanges.

BTCChina and other cryptocurrency exchanges have announced that they will shut down their mainland trading platforms amid a crackdown by regulators who are concerned that Chinese investors are speculatively piling into such digital tokens.

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