NiuBTC was never a high-volume exchange, and many casual followers of the Chinese bitcoin market could be forgiven for being unaware that it was still open. In a press release about the closure, NiuBTC administrators noted that the exchange has been “struggling” for the last 9 months, suggesting troubles dating back to the initial Chinese cryptocurrency crash of late 2013. The announcement stopped short of formally declaring the closure of the exchange, saying only that “normal operations will be basically suspended.”
The exchange’s website, NiuBTC.com, will remain online, and site administrators said it may be “restarted” at a later point if conditions change. The exchange will also continue to process withdrawals, although administrators noted that the service “may not be very timely,” mostly likely due to the slow, voucher-based system Chinese exchanges currently use to work around restrictions in the banking system.