The Chinese government’s announcement last week that all digital currency exchanges on the mainland would be banned prompted a tumultuous week for the global cryptocurrency space, with prices of bitcoin, ethereum, and other tokens and currencies falling by dozens of percentage points. Still, the harsh words from the Chinese government prompted some analysts to speculate what the next step would be: the initial announcement left some space for clarification regarding questions of timeline and procedure.

That seems to no longer be the case, according to Coin Desk. Now, China’s bitcoin exchanges have received instructions from the government detailing how and when they will need to shut down operations.

Operating Domestically Without Formal License

China’s regulators have issued formal verbal instructions to cryptocurrency exchanges indicating their expectations for how the businesses will close down their operations stemming from the fact that they are operating without formal licenses. Exchanges are reportedly required to take a series of steps. A report, issued by the Leading Group of Beijing Internet Financial Risks Remediation office, outlines the procedures necessary for the exchanges, including means of handling customer data and banking…