BISS Crypto Exchange Offices Get Closed, Staff Arrested

The offices of the BISS crypto exchange in China got closed and members of the staff got arrested as we are reading today in the crypto news.

The Chinese authorities shut down the local BISS crypto exchange and arrested 10 people suspected of being involved in its operations. The local media Sohu reported that the actions were undertaken by the Chinese authorities on November 22 but the date at which the event itself took place is pretty much unclear.

The very same day, the founding partner of blockchain-based investment company Primitive Ventures Dovey Wan explained on Twitter that the local cryptocurrency community had known of the development for the previous two weeks. The news was published much later but she also claimed that the Beijing-based exchange in question is actually noteworthy:

 “It’s a relatively known up-and-rising exchange.”

In a blog post published a few days ago, the exchange addressed the user withdrawal issues and the company also confirmed that the Chinese authorities have stopped all 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 company noted in the announcement that the operations were stopped when the authorities looked more into the case in order to protect the user interests. Also, the exchange noted that it aims to cooperate totally with Chinese law enforcement.
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As it was reported last week, the Shenzhen authorities identified that more than 39 exchanges are falling afoul of China’s crypto trading ban. Furthermore, the Chinese technology capital recently issued a warning against all of the illegal activities that involve cryptocurrency including the exchanges.

The existing strict regulations would be implemented like in the past by the authorities of the People’s Republic of China, according to the update, and activities related to crypto will be continuously monitored within PBOC’s jurisdiction. Furthermore, any such activities will be “disposed of immediately, and prevented from happening early” as soon as they are identified. The stance of the authorities in the People’s Republic of China (PRC) is that there are many risks involved in the issuance and trading of cryptos such as asset tempering, business failure, and investment-related speculations.