BTC China (Bitcoin) will stop operating this month in the Asian giant

BTCChina, the country's largest Bitcoin trading platform , announced Tuesday that it will cease trading as of September 30, 2017, according to a statement.

"The decision is based on the policies issued on September 4 by the People's Bank of China and relevant regulators on the risk of fund-raising through the issuance of digital coins," the statement said.

Earlier this month, China ordered a ban on Initial Currency Offers, a new form of fund-raising in which technology companies issue their own digital currency or "chips" to investors to access funds.

Bitcoin's price plummeted after the announcement, according to a report by The Paper.

Bitcoin in Huobi, another important trading platform of Bitcoin in China, was quoted at 21,100 yuan, down 15%. In BTCChina, the price fell more than 20% to 19,100 yuan.

Shanghai financial regulators have instructed all Bitcoin trading platforms to stop all transactions with this digital currency before the end of September. However Huobi, based in Beijing, said the company has not yet received such notice from the regulator, the report said. Source Xinhua.