Major crypto exchanges block Chinese users from sign up after Beijing’s renewed crackdown on virtual currencies.
Earlier on Friday, the People’s Bank of China declared all virtual currency-related activities illegal, including trading. This also included the Chinese central bank targeting overseas exchanges providing services to mainland China users.
Huobi, one of the world’s largest cryptocurrency exchanges, decided to end accounts registrations for new Chinese users. In a blog post, the company said it will gradually retire existing accounts of mainland Chinese users by midnight on Dec. 31, 2021.
Binance, another crypto exchange said, currently account registrations using Chinese mobile phone numbers are blocked. While the Binance app is no longer available for download in China.
While talking to CNBC, Binance’s spokesperson said, “Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate.”
Chinese authorities have intensified the crackdown on cryptocurrency operations targeting bitcoin miners. Though this is not new in China, as authorities in the world’s second-largest economy are worried about the impact of digital coins on financial stability.
Earlier in 2017, China shut down local crypto exchanges and banned so-called initial coin offerings(ICO’s), it is a way to raise money for crypto companies by issuing digital tokens.
While many Chinese cryptocurrency exchanges moved out of China, loopholes still allow Chinese traders to buy and sell digital currencies on these overseas exchanges.
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