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The People's Bank of China (PBoC) met with nine bitcoin exchanges on Thursday and instructed them to abide strictly with regulations pertaining to capital flows out of the country or risk being shut down immediately.
All three platforms said they would upgrade their systems in order to "prevent and attack the exploitation of bitcoin for money laundering, foreign exchange conversion, pyramid schemes and other illegal behaviour” OKCoin and Huobi estimated the upgrades would take one month to complete. While bitcoins now cannot be withdrawn from those platforms, users can still sell their bitcoins and withdraw the proceeds in renminbi.
https://www.ft.com/content/415bf86c-ef67-11e6-930f-061b01e23655
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