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Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
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Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

Major Cryptocurrency Exchangers Block Chinese Users After Crypto Ban

  • By Al Mayadeen
  • Source: Agencies
  • 27 Sep 2021 12:28
2 Min Read

Overseas exchanges have started their crackdown on cryptocurrency users in China.

  • x
  • Major Cryptocurrency Exchangers Block Chinese Users After Crypto Ban
    Huobi, Binance, and more are shutting down user accounts on mainland China. 

China's largest cryptocurrency exchanges have barred new accounts and clients from investing and trading cryptocurrencies in mainland China upon the government's latest ban on cryptocurrencies. 

China's top regulators stepped up their crackdown on cryptocurrencies on Friday, 24th of September, imposing a blanket ban on all crypto transactions and mining and putting pressure on Bitcoin and other major coins, as well as crypto and blockchain-related companies. 

Overseas exchanges, as part of the ban, are prohibited from providing services to users in China, as all virtual-currency activities became illegal. 

Huobi, one of the world's largest cryptocurrency exchanges, said Sunday that all already-existing accounts will come to a halt on midnight, Dec 31, 2021. 

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Furthermore, Binance, also one of the world's largest cryptocurrency exchanges, announced that opening accounts issued by Chinese cellphone numbers are blocked; the Binance application has also been rendered unavailable for download in the country. 

TokenPocket, which is a digital currency wallet, has also announced that they will cut services to users on the mainland in fear of violating the government's latest policies. 

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

Share values significantly decreased upon the ban: Huobi Tech decreased 23%, and OKG Technology Holdings Ltd - the company which owns OKcoin - decreased 12%. 

For China, digital coins have been a main concern for financial stability and control - however, the ban on cryptocurrencies has driven citizens to move and invest in digital currencies offshore. 

 

  • China
  • Cryptocurrency

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