Office of Chinese Crypto Exchange BISS Closed, Staff Members Arrested

Chinese authorities shut down local cryptocurrency exchange BISS and arrested 10 people suspected of being involved in its operations.

Local media Sohu reported on the actions undertaken by Chinese authorities on Nov. 22. However, the date at which the event itself took place is unclear.

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

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

In a blog post published on Nov. 18, the exchange addressed user withdrawal issues. The firm also confirmed that Chinese authorities have halted 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…