Bitcoin exchage suspends RMB recharges

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BTC China's website said it would continue Bitcoin denominated recharge, Bitcoin withdrawal and Renminbi cash withdrawal, while continuing its daily operations.

BTC also promised alternative recharge means for investors.

The website said the suspension was for "reasons known to all", but failed to specify them.

The announcement comes as the price of the digital currency in China nosedives.

The notice stated that financial and payment institutions may not accept the Bitcoin as legal tender...

About one hour after the notice, the price of one Bitcoin at BTC China dived from 1,140 U.S. dollars to just over 740.7 dollars, down by as much as 35 percent.

At around 7 p.m. Beijing Time on Wednesday, the bid price stood at just 333dollars.

An estimated 1.8 million Bitcoin were traded in November on BTC China.

BTC is China's largest Bitcoin trading platform aimed at investors buying and selling with the Chinese currency Renminbi.

Bitcoins are stored in a virtual wallet and can pass from person to person around the world in secret, allowing users to remain anonymous. It bypasses both banks and banking regulators worldwide.