However, there is no regulatory body to monitor its trade. Without access to domestic bitcoin exchanges any longer, numerous flourishing mining operations in China may close down or switch to other cryptocurrencies as a central focus.
Bitcoin's perceived anonymity has been an important part of its growing appeal but also exposes the currency to claims that it is linked to the drug trade and other illegal activities.
The Chinese central bank has not responded to questions about the currency's future there.
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The Internet finance association was set up by China's central bank, and according to Reuters, it "urged members to abide by Chinese laws and not deal in cryptocurrencies".
Shenzhen-based Ysstech Info-tech Co (贏時勝信息技術) and Beijing's Global Infotech Co (高偉達軟件) - which both have links to blockchain technology, the system that underpins bitcoin - have retreated at least 5 percent.
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Some market observers have speculated that China will allow cryptocurrency exchanges to reopen once the government has measures in place to provide greater oversight. The value of Bitcoin, the granddaddy of all cryptocurrency, also shot up significantly this year. Although none of the major platforms received any official notice, the Bitcoin price remained rather shaky and eventually continue to move downward despite some buy support at key levels. Do keep in mind this suspension of Bitcoin trading at the BTCC exchange doesn't affect Bitcoin as a protocol or currency. BTC China sent a tweet today indicating that the exchange would halt its operations at the end of the month.
The price also came under pressure after JP Morgan boss Jamie Dimon called bitcoin a fraud, and promised to fire staff dealing the digital money for being "stupid" and "dangerous".
Bitcoin price on September 15, 2017.
But Bitcoin wasn't the only cryptocurrency that was affected by this news.
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One of the problems is that once rates reach rock bottom (which is pretty well where they are right now) the only way is up. This could be a good time for more young Americans to take out a Roth Individual Retirement Account or IRA for short.