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Cryptocurrency Exchanges Rush to Cut Ties With Chinese Users After Fresh Crackdown

BebAlWeb
(@bebalweb)
Member Admin

Cryptocurrency exchanges and providers of crypto services are scrambling to sever business ties with mainland Chinese clients, after Beijing last Friday issued a blanket ban on all crypto trading and mining.

In a culmination of years of efforts to rein in the sector, 10 powerful Chinese government bodies including the central bank, said overseas exchanges were barred from providing services to mainland investors via the internet - a previously grey area - and vowed to jointly root out "illegal" cryptocurrency activities.

Huobi Global and Binance, two of the world's largest exchanges and popular with Chinese users, have stopped new registrations of accounts by mainland customers. Huobi also said it would clean up existing ones by the end of the year.

"On the very day we saw the notice, we started to take corrective measures," Du Jun, Huobi Group co-founder said in a statement to Reuters.

Du did not give an estimate how many of its users would be affected, saying only that Huobi, once the world's biggest crypto exchange, had embarked on a global expansion strategy many years ago and seen steady growth in Southeast Asia and Europe.

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Topic starter Posted : 27/09/2021 9:08 am
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