https://qz.com/1077545/bitcoin-btc-price-is-down-because-btcc-is-closing-its-china-exchange/

Shanghai-based BTCC said it would halt trading on its domestic cryptocurrency exchange by Sept. 30, in response to tighter control over trading crypto tokens by China’s central bank. This followed a report from local media (in Chinese) saying that the exchange had received a verbal notice to halt trading from Shanghai’s financial regulator.

BTCC said on Twitter that it was closing its domestic exchange, which operates at BTCChina.com, in response to a Sept. 4 notice from China’s central bank that forbade trading in cryptographic tokens issued through “initial coin offerings.” The exchange had traded a token called ICOCoin, which was started by a BTCC co-founder. The regulatory notice did not explicitly ban trading in digital currencies such as bitcoin and ether—but BTCC will shut down its trading of such currencies for Chinese customers as well.