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Chinese crackdown this time on crypto transactions

Chinese regulators intensified a crackdown banning crypto transactions and mining. This is the third time that Chinese restrictions against cryptocurrencies in this year. Earlier in May, China banned mining as illegal and showing environmental concerns for crypto mining. After Beijing’s warning, the global mining hash rate of the measurement of computing power used to mine Bitcoins dropped by 50%. Trading crypto-currency has officially been banned in China since 2019 but has continued online through foreign exchanges.


This time it's a crackdown on crypto exchanges and it’s transactions. China has banned the services provided by overseas exchanges to mainland China customers.  The People's Bank of China (PBOC) in China has declared that all transactions cryptocurrency-related are illegal. The highest populated nation is one of the world’s largest cryptocurrency markets. Two of the world’s biggest crypto exchanges like Binance and Houbi are in trouble. They won’t allow new sign-ups through China mobile phones. Houbi has made a statement that it stopped new customers in China to register accounts. New sign-ups are still available for Hong Kong users on both exchanges, but mainland China is no longer an option for creating new accounts.


A loophole allowed locals to trade offshore accounts. Chinese cryptocurrency exchanges went overseas to carry on trading. A fall in the number of Chinese investors will remove an important source of liquidity for trading in cryptos. China’s latest push against cryptocurrencies is the final blow after years of attempted crackdowns on the rise of Bitcoin and similar digital currencies. Crypto-market has risen amid China’s declaration that crypto-related businesses are illegal. Among the top 10 coins, Ethereum was the biggest gainer, up nearly 10.30 percent. Solana, XRP, and Bitcoin gained 4-7 percent.

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