According to reports,  five crypto exchanges have <a href="https://www.bloomberg.com/news/articles/2019-11-27/all-you-need-to-know-about-china-s-latest-crypto-crackdown" target="_blank" rel="noopener">announced</a> to close down their businesses domestically in China since the PBoC issued a series of warnings and notices to crypto businesses in the country. The hard stance by PBoC on crypto exchanges has started claiming its victims already due to the harsh business environment in the country.

China’s government is going hard on crypto with regulators issuing a series of prior warnings; that clarify crypto assets trading is not supported in the country. The financial watchdogs have ordered that cryptocurrency-related companies to shut down.In addition, investors have been warned to be wary of the consequences that may arise from trading in virtual assets. This massive crackdown has come weeks after Chinese president Xi Jinping sent markets into a melt down with his strong advocacy for blockchain.
<h2>Do not Confuse Crypto with Blockchain Technology</h2>
Recently, PBoC warned investors in <a href="https://www.cryptoknowmics.com/crypto/china-strengthens-regulation-to-restrict-bitcoin-and-other-cryptocurrencies/" target="_blank" rel="noopener">China</a> not to confuse the blockchain technology with digital currencies. According to the watchdog, cryptocurrency speculation is on the rise in China since President Xi Jinping endorsed blockchain technology.

Weibo, a Chinese language microblogging website closed the accounts operated by leading cryptocurrency exchange Binance and blockchain platform Tron. Earlier, exchanges Bitsoda and Akdex closed their services in the country. Additionally, Btuex announced that it would only reopen to serve foreign users only; whereas Idax announced that it no longer wants to offer its services to Chinese customers.

Furthermore, Beijing-based BISS crypto exchange, was raided by Chinese authorities just last week. The authorities forced it to shut down business. 

In conclusion, the crackdown is touted to be one of the largest clampdown in the country since 2017. China is ready to launch its central bank-backed digital currency. However, the PBoC has not announced the specific dates for the launch. However, PBoC will issue the digital currency soon.

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China’s Government Shuts Down Five Crypto Exchanges

According to reports,  five crypto exchanges have announced to close down their businesses domestically in China since the PBoC issued... %

My first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

China’s Government Shuts Down Five Crypto Exchanges

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