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THE People’s Bank of China warned yesterday that it will close Bitcoin exchanges which breach rules on money laundering and foreign exchange.


The PBOC met with executives from nine Bitcoin exchanges Patrik Laine Finland Jersey , including Huobi, OkCoin, BTCC and HaoBTC, in Beijing on Wednesday and ordered them to operate according to the law.


“Trading platforms should not participate in unauthorized financing business, money laundering Lauri Korpikoski Finland Jersey , or violate regulations on foreign exchange, tax and business,” the PBOC said in a statement on its official website. Platforms that breach the rules will be investigated and shut down, it warned.


In response, OkCoin and Huobi said they’ve halted Bitcoin trading and it will not resume until completing an system upgrade to prevent money laundering.


Huobi also said it will “block accounts that are suspected of illegal practices.”