Cryptocurrency had been channel to transfer personal assets overseas

China's crackdown on bitcoin exchanges is a sign that the top regulator no longer tolerates cryptocurrency trading in the country as it has fueled illegal fundraising and cross-border money laundering, experts told China Daily.

Two of China's bitcoin exchanges, Huobi and OKCoin, both announced on Saturday that they will halt all virtual currency trading by the end of October, after they "received the notice and guidance from the regulators" according to their websites.