Major cryptocurrency exchanges, Huobi Global and Binance have stopped onboarding registrations of new accounts for Chinese users to comply with Beijing’s latest crypto ban.
<h2><strong>Major Exchanges Have Stopped Accepting Chinese Users</strong></h2>
Cryptocurrency exchanges <a href="https://www.cryptoknowmics.com/news/huobi-blocks-users-from-mainland-china-amid-continued-crackdown/">Huobi and Binance</a> popular among Chinese users have <a href="https://www.reuters.com/article/fintech-crypto-china/cryptocurrency-exchanges-rush-to-cut-ties-with-chinese-users-after-fresh-crackdown-idUSL1N2QT03U?rpc=401&amp;" target="_blank" rel="nofollow noopener">stopped</a> letting traders use mainland China mobile numbers to register new accounts after the country’s central said Friday all crypto-related transactions will be considered illicit financial activity.

In the meantime, new sign-ups are still available for Hong Kong users on both platforms, but mainland China will provide no longer have the option to create a new account.

In a statement released on Sept.24, Huobi said:
<blockquote><em>“To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China. Huobi Global will gradually retire existing Mainland China user accounts” by the end of December “and ensure the safety of users’ assets.”
</em></blockquote>
A Binance spokesperson said that while the company doesn’t have exchange operations in China, it will still block Chinese IPs to comply with local regulators.
<blockquote><em>“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate.”</em></blockquote>
<h2><strong>China Declares All Crypto Transactions as Illegal</strong></h2>
China’s latest statement issued by the <a href="https://www.cryptoknowmics.com/news/chinese-regulators-intensify-crackdown-against-cryptocurrencies/">central bank</a> along with nine other government agencies including the public security ministry is the culmination of years of attempted crackdowns on the rise of Bitcoin and other cryptocurrencies.

The recent notice specifically called out offshore exchanges targeting Chinese users to ban them from hiring locally for roles from marketing to payment settlement and tech.

In 2017, China ordered local exchanges to stop hosting crypto-to-fiat trading forcing Huobi and Binance to set their platforms in friendlier jurisdictions such as Singapore and Malta. Despite this, Chinese users were still able to access their services including over-the-counter trading and crypto-to-crypto transactions.

Crypto Exchanges Ditch Chinese Users Amid Widening Ban

Major cryptocurrency exchanges, Huobi Global and Binance have stopped onboarding registrations of new accounts for Chinese users.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Crypto Exchanges Ditch Chinese Users Amid Widening Ban

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