Huobi and Binance block Chinese users from registering on their platforms

- Advertisement -JBL

In the latest Crypto news, Huobi and Binance, have halted new registrations for Chinese users, taking one of the first actions to comply with Beijing’s latest crypto ban. In the latest news, the Exchange operators have stopped letting traders use mainland China mobile numbers to register new accounts. This comes after the People’s Bank of China last week stated that all crypto-related transactions will be considered as illicit financial activity.

However, ironically both Huobi and Binance still accept sign-ups for Hong Kong users, but mainland China users are no longer eligible for new account creation. Regarding this issue, Huobi declined to comment however, a Binance spokesperson said that the company doesn’t have exchange operations in China and blocks Chinese IPs.

“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate.”

China has been strictly cracking down on Cryptocurrency, and the latest announcement issued by the central bank along with nine other government agencies including the public security ministry is a nail in the coffin regarding crypto operations in the country which the country is attempting to crack down on the rise of Bitcoin and its peers since years.

In 2017, China made a strict announcement that local exchanges should stop hosting trades between fiat money and crypto tokens, which forced Huobi and Binance to set up shops in friendlier jurisdictions such as Singapore and Malta for their main trading platforms. However, Chinese users were able to access their exchange services which even include over-the-counter trading and crypto-to-crypto transactions.

But, later in June Huobi banned existing Chinese users from trading riskier products such as derivatives, and this came after the country’s cabinet called for a renewed clampdown on crypto trading and mining.

- Advertisement -

Users can still use mainland China numbers to register on OKEx as of Sunday morning in Hong Kong.

source

- Advertisement -
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Related Articles

More To Consider

NordVPN WW

Stay Connected

13,642FansLike
62FollowersFollow
122FollowersFollow
Boat Lifestyle [CPS] IN

Hot Topics

Latest Articles

Trending

Featured

Adblocker detected! Please consider reading this notice.

We've detected that you are using AdBlock Plus or some other adblocking software which is preventing the page from fully loading.

We don't have any banner, Flash, animation, obnoxious sound, or popup ad. We do not implement these annoying types of ads!

We need money to operate the site, and almost all of it comes from our online advertising.

Please add technosports.co.in to your ad blocking whitelist or disable your adblocking software.

×