China's Latest Crackdown Forces Five Crypto Exchanges to Close
- Latest wave of shutdowns represents the biggest clean-up of the sector since an initial clampdown in September 2017.
Chinese authorities have ordered at least five cryptocurrency exchanges to cease trading and immediately notify domestic users of their closure, signaling the biggest crackdown by authorities since 2017.
Chinese exchange operators Bitsoda and Akdex were among notable players that halted its operations, while Btuex and Idax said they are "carefully considering" the directive from regulators. More specifically, these exchanges would terminate domestic activities and focus on overseas users instead, citing tightening Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.
Binance and Tron were also among the biggest victims of the crackdown after China’s largest microblogging service Weibo suspended the accounts of the two crypto giants last week.
The increased scrutiny has caused the value of bitcoin to crash in November, which is poised to be its worst month in more than a year. However, the No.1 cryptocurrency yesterday eked out the biggest single-day gain in four weeks, up 6 percent on Wednesday.
The biggest crackdown since 2017
Earlier this month, China’s authorities have resumed their all-out war against cryptocurrencies with a new campaign aimed at shutting down all remaining crypto-related activities.
There have also been reports that China is preparing a wider crackdown on the crypto industry, effectively aiming to kill related activities in a country that once dominated the market.
The latest wave of shutdowns and restrictions represents the biggest clean-up of the sector since an initial clampdown in September 2017. It also comes nearly one year after China blocked access to over 120 offshore cryptocurrency exchanges that provide trading services to citizens on the mainland.
Also, last week, the People’s Bank of China’s (PBoC) Shanghai headquarter revealed its intentions to crack down on crypto trading. On Friday, it urged all banks to abide by Chinese laws and not deal in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. It said authorities would also continue to monitor and shut down domestic websites related to cryptocurrency trades and ICOs, and ban payment services from accepting cryptocurrencies.
The government plans to close the few remaining loopholes in order to entirely restrict its citizens from transacting cryptocurrencies or participating in ICOs held abroad.
The latest assault on cryptocurrencies by the Chinese authorities however coincided with positive remarks from president Xi Jinping, who said last month the country needs to “seize the opportunity” afforded by the technology that verifies bitcoin transactions.
Chinese authorities have ordered at least five cryptocurrency exchanges to cease trading and immediately notify domestic users of their closure, signaling the biggest crackdown by authorities since 2017.
Chinese exchange operators Bitsoda and Akdex were among notable players that halted its operations, while Btuex and Idax said they are "carefully considering" the directive from regulators. More specifically, these exchanges would terminate domestic activities and focus on overseas users instead, citing tightening Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.
Binance and Tron were also among the biggest victims of the crackdown after China’s largest microblogging service Weibo suspended the accounts of the two crypto giants last week.
The increased scrutiny has caused the value of bitcoin to crash in November, which is poised to be its worst month in more than a year. However, the No.1 cryptocurrency yesterday eked out the biggest single-day gain in four weeks, up 6 percent on Wednesday.
The biggest crackdown since 2017
Earlier this month, China’s authorities have resumed their all-out war against cryptocurrencies with a new campaign aimed at shutting down all remaining crypto-related activities.
There have also been reports that China is preparing a wider crackdown on the crypto industry, effectively aiming to kill related activities in a country that once dominated the market.
The latest wave of shutdowns and restrictions represents the biggest clean-up of the sector since an initial clampdown in September 2017. It also comes nearly one year after China blocked access to over 120 offshore cryptocurrency exchanges that provide trading services to citizens on the mainland.
Also, last week, the People’s Bank of China’s (PBoC) Shanghai headquarter revealed its intentions to crack down on crypto trading. On Friday, it urged all banks to abide by Chinese laws and not deal in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. It said authorities would also continue to monitor and shut down domestic websites related to cryptocurrency trades and ICOs, and ban payment services from accepting cryptocurrencies.
The government plans to close the few remaining loopholes in order to entirely restrict its citizens from transacting cryptocurrencies or participating in ICOs held abroad.
The latest assault on cryptocurrencies by the Chinese authorities however coincided with positive remarks from president Xi Jinping, who said last month the country needs to “seize the opportunity” afforded by the technology that verifies bitcoin transactions.