BTC China has said that local payment companies have been blocked from providing it with clearing services.
It means that the firm – the world’s biggest Bitcoin exchange in terms of trading volumes – can no longer accept yuan-based deposits.
Prices tumbled following the news.
One bitcoin was trading for as low as 2,560 yuan ($421), according to the South China Morning Post.
That compares with an all-time high of 7,588 yuan ($1,250) in late November.
Exchanges in other countries also reported drops, with Japan-based MtGox seeing the exchange rate for one bitcoin fall from $717 to as low as $480 in Wednesday’s trade.
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