China has banned cryptocurrency services in the country and companies are making it harder for crypto entities to operate
China’s leading messaging platform, WeChat, appears to have censored searches relating to cryptocurrency exchanges Binance and Huobi. This latest development comes as the Chinese government recently increased its crackdown on Bitcoin and other cryptocurrencies.
According to the latest CoinDesk report, searches in English and Chinese for Huobi and Binance are not processed. Rather, the messaging platform tells its users that there are no more results for the items they are searching for. However, existing articles related to Binance and Huobi are still available to users on the WeChat platform.
The Chinese government increased its crackdown on cryptocurrency activities in recent months. The People’s Bank of China (PBoC) recently banned all cryptocurrency transactions and activities in China. As a result, numerous crypto-related entities have been shutting down their operations and relocating to other parts of the world.
The Chinese government is currently seeking to prosecute cryptocurrency service providers still operating in China. This would make it even tougher for crypto companies to continue to operate in the Asian country.
Yesterday, crypto exchange Binance announced that it would stop Chinese yuan trading for its peer-to-peer platform by the end of the year. Binance maintained that while it hasn’t been active in China since 2017, its P2P platform was available to Chinese users.
The past few weeks have seen numerous cryptocurrency entities shut down their operations in China. Crypto exchanges Huobi, BitMart and Biki all announced their exit from China and are no longer accepting new users from the country.
Furthermore, Alibaba said it would stop the sales of cryptocurrency mining equipment on its e-commerce platforms following the recent bans. Bitmain, the world’s largest cryptocurrency mining machine manufacturer, also said it would no longer ship its equipment to mainland China.
Despite China’s crackdown on cryptocurrency activities, the crypto market has been performing excellently since the start of the month. Bitcoin is up by more than 20% over the past two weeks and is trading above the $57,000 level. It could surge higher in the coming days and possibly move past the $60,000 level soon.
Keep updated with our round the clock and in-depth cryptocurrency news.
No SPAM ever!
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.