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