Major Crypto Exchanges Cut Ties With Chinese Users After China’s Latest Crackdown on Cryptocurrency

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Major cryptocurrency exchanges are cutting ties with users in China
following the latest crypto crackdown announcement by the Chinese government.
Huobi has stopped letting new users in China sign up for its services while
Binance has blocked account registrations using Chinese mobile phone
numbers.

Major Crypto Exchanges Stop Signing Up Chinese Users

Following China’s latest crackdown announcement,
several cryptocurrency exchanges and service providers said they have begun
cutting ties with users in China.
Crypto exchange Huobi announced Sunday that it will “gradually retire existing
mainland China users.” The exchange wrote:

To comply with local laws and regulations, Huobi Global has ceased account
registration for new users in mainland China, effective September 24, 2021
(UTC+8). Huobi Global will gradually retire existing mainland China user
accounts by 24:00 (UTC+8) on Dec 31, 2021.
Huobi Group co-founder Du Jun told Reuters, “On the very day we saw the
notice, we started to take corrective measures.”
Meanwhile, Binance said it has blocked account registrations using Chinese
mobile phone numbers and its app is also no longer available for download in
China. A spokesperson for the exchange said:
Binance takes its compliance obligations very seriously and is committed to
following local regulator requirements wherever we operate.
Binance has been under scrutiny from a long list of regulators worldwide,
including those in the U.S., U.K., Netherlands, South Africa, Hong Kong,
Singapore, Malaysia, Thailand, Lithuania, Italy, and Canada. On Monday, the
exchange ended some services in Singapore.
Tokenpocket, a crypto wallet provider, also said in a notice to clients that
it would terminate services to users in mainland China in order to comply with
Chinese regulations.
Some people see the crypto crackdown by the Chinese government as positive
news that has little effect on the crypto industry. Galaxy Digital CEO Mike
Novogratz recently explained that China
has “less and less” influence over the crypto market. Meanwhile, several U.S.
lawmakers see the Chinese crackdown as a big
opportunity for the U.S. to lead in the area of
cryptocurrency.
_ What do you think about crypto exchanges cutting ties with users in
China? Let us know in the comments section below._

source https://news.bitcoin.com/major-crypto-exchanges-cut-ties-with-chinese-users-after-chinas-latest-crackdown-on-cryptocurrency/

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