BCGAME - Free 5BTC Daily Bonus!Binance stated that it has stopped trading with China since 2017.
It is no longer news that China has outlawed all trade related to cryptocurrencies within its jurisdiction. However, Binance, the world's largest cryptocurrency exchange by turnover, revealed that the company has not had business in the Asian country for some time.
In this article, we will discuss:
Binance has no business in China
According to a press release obtained by a local Chinese media company, it was revealed that the Exchange led by CZ had stopped trading with the country since 2017.
“Since 2017, Chinese users are unable to access the Currency Security website and currently there is no foreign exchange business in China,” the statement says in part.
Binance responded to the Chinese media: We have not allowed Chinese people to use it since 2017, and we have no exchange business in China. https://t.co/R62hARGqxy
- Wu Blockchain (@WuBlockchain) September 26, 2021
Exchange said it chose to discontinue its operations in China because of the “importance” it attaches to complying with local regulations.
Reuters first reported the gravity of the new ban by revealing that “ten agencies, including the central bank, financial, securities and foreign exchange regulators, have pledged to work together to eradicate “illegal” cryptocurrency activity for the first time. in Beijing. based regulators have joined forces to explicitly ban all cryptocurrency-related activities. ”
This move, according to the South China Morning Post, has forced major cryptocurrency Exchanges such as Binance and Huobi, to "letting traders stop using mainland China mobile numbers to register new accounts following China's latest pronouncement."
Ban on cryptocurrencies in China
China's new cryptocurrency ban is the latest in its long history of cracking down on the digital asset industry.
The Asian country had first issued bans on similar cryptocurrencies in 2013 and 2017, before renewed hostilities against the industry earlier this year, when it cited the environmental impacts of mining the assets.
Given its history in the space, some cryptocurrency enthusiasts have labeled the authorities’ actions as “scheming.” Some have also claimed that the new ban was because the Asian country was working on its “digital yuan” project.
