Staff of BISS Crypto Exchange Arrested By Chinese Authorities

The local Chinese media outlet Sohu has recently reported on the actions taken by authorities in China to shut down the local crypto trading platform BISS on November 22nd. Ten people have been arrested under suspicion of being involved however the actual date of when this took place is unclear.

On the same day of the report, the founding partner of the blockchain-based investment company Primitive Ventures Dovey Wan spoke on Twitter and said that the local crypto community was made well aware of the development for the past fortnight. However, the news was published at a much later date, as we all know by now. 

Wan also claimed that the Beijing-based crypto platform in question is very much worth highlighting as “it’s a relatively known up-and-rising exchange.”

Published on November 18th in a blog post the platform noted a few withdrawal issues for several users. On top of this, the firm also confirmed that Chinese authorities have stopped operations:

“According to market sources, it is understood that BISS’ operations have been halted following an enquiry by China’s regulatory authorities around its services offered to users, which may not be aligned with capital controls regulations in China.”

The firm claimed in the announcement that operations had been paused while the authorities looked into the case to the safety of their users’ interests. Lastly, BISS also noted that it intends to cooperate fully with Chinese law enforcement.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!