The recent crackdown from China on the cryptocurrency market has put a lot of the industry’s currencies and services in question. After the initial nationwide ban, prices saw massive drops and the mining industry was hit hard. Most of the electronics and mining services done in the crypto market are in China. The nationwide crypto crackdown came on September 24, after the announcement from China’s top tech regulators and financial authorities. Currently, in China, any crypto-related transactions are deemed illegal.
Recently, one of the biggest crypto exchange platforms Binance, announced that it will delist the Chinese Yuan from the platform, thus consumer-to-consumer trades consisting with Yuan will no longer be available.
On the day after the ban, Binance also stopped accepting Chinese phone numbers and IP addresses for registration, a report by Bloomberg states. Several days later, Binance told the Chinese media that it is no longer promoting its services to China.
The platform will also run security scans and inventory to ensure that no users are located in mainland China and violate the nationwide ban policies. Many Chinese users have switched their financial platform accounts to “withdrawal only” to come clean from the ban. These users will be notified via email about the upcoming changes happening to their accounts.
Notably, Huobi has recently announced that it also one of the platforms that it will be removing all of its users from China
Many other crypto wallets and online platforms have shut down or are retiring from the industry altogether as a result of China's response to crypto.
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