Chinese regulators order all cryptocurrency exchanges operating in mainland China to shut down, following the ICO ban earlier in the month. Major exchanges including BTC China, Huobi, and OKCoin announced they would cease trading by the end of September. Bitcoin's price dropped sharply from over $4,000 to around $3,000 on the news. The closures marked the end of China's dominance in bitcoin spot trading and pushed Chinese traders onto peer-to-peer platforms and overseas exchanges. Several major exchanges relocated to Hong Kong, Singapore, and Malta to continue operations outside Chinese jurisdiction.
Reuters: China Orders Bitcoin Exchanges to Shut Down