Over 20 crypto firms leave China because of ban

2021-10-12 10:00

The effect of China’s crypto ban on the country’s digital asset economy is profound as new statistics have revealed that at least 20 crypto-related firms have been forced to either suspend their services to Chinese users or close off their businesses entirely.

Over 20 crypto firms close in China

According to a report from China Securities Journal, the crypto firms that have been forced to close their operations include crypto exchanges like Huocoin, Binance, BiKi, BHEX, and several other exchanges. 

More than 20 virtual currency-related enterprises announced that they would stop providing relevant services for users in China and withdraw from the Chinese market completely.

Mining enterprises like Xinghuo Mine Pool which is the largest Ethereum mine pool, alongside Nbminer, a graphics card miner management software plus many others have also released varying announcements declaring that they would cease providing their services to their Chinese users.

Crypto market information platforms are also not left out of this ban. Several non-small Apps in the niche have had to announce that they would stop offering services to users from the region in order to stay fully compliant with policy.

Popular crypto sites like CoinGecko and CoinMarketCap are already inaccessible for Chinese users as the country has blocked the IP of both sites.

China’s new ban is the most severe

Speaking on why these businesses are closing, Ding Feipeng, the director of Beijing Liantong Law Firm, was quoted to have said that “no matter whether the operating legal subject of virtual currency-related business is located at home or abroad, whether the staff is at home or abroad, as long as they continue to provide services for users in China, the platform and its staff will face the same variety of criminal punishments.”

The report also confirmed the severity of the ban as it wrote that “the domestic virtual currency market has been hit hard, and there may be no chance of resurrection.”

The post Over 20 crypto firms leave China because of ban appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Babes and Nerds (BAN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 BAN

ban firms crypto china either suspend forced

Источник: cryptoslate.com

ban firms → Результатов: 51


China Merchant Bank invests in Bitcoin wallet after passage of ‘cryptographic’ law

China had prohibited financial firms from holding or trading in Bitcoin back in December 2013, going on to later ban any foreign crypto-exchange that offered such services. However, the latest announcement by the Chinese President Xi Jinping on blockchain technology, followed by the passage of the cryptographic law, has made everyone optimistic that maybe China […] The post China Merchant Bank invests in Bitcoin wallet after passage of ‘cryptographic’ law appeared first on AMBCrypto.

2019-10-28 12:28


Exchanges respond to UK’s proposed ban on cryptocurrency derivatives

The World Federation of Exchanges urges the UK’s Financial Conduct Authority not to prohibit the sale of cryptocurrency derivatives to retail customers. The World Federation of Exchanges is the global trade association for regulated exchanges and clearing houses representing over 250 firms across the world, including the Chicago Mercantile Exchange (CME) Group and the Intercontinental […] The post Exchanges respond to UK’s proposed ban on cryptocurrency derivatives appeared first on CryptoSlate.

2019-10-9 11:29


British Crypto Investigations Skyrocket 74% as Watchdog Proposes Derivatives Ban

Investigations into cryptocurrency firms by the UK Financial Conduct Authority (FCA) have surged by three-quarters this year, as the agency tightens the rein on the crypto sector. Scrutiny On the Rise According to research from Pinsent Masons, an international legal firm, active investigations into cryptocurrency firms have surged to a whooping 87 companies in 2019 […] The post British Crypto Investigations Skyrocket 74% as Watchdog Proposes Derivatives Ban appeared first on CCN.com

2019-10-7 13:50


Dutch Parliament May Rule On Legislation To Ban International Crypto Firms Operating In Netherlands

The recently reported registry mandate for local crypto companies in the Netherlands will also impact the international companies in the jurisdiction. While all local financial companies (including crypto firms) are set to be registered with the Dutch National Bank (DNB) by January 10, all international cryptocurrency companies will not be able to operate their business […]

2019-9-11 17:36


US Committee Plans to Ban Facebook Cryptocurrency Libra

The House Financial Services Committee in the United States is set to discuss the future of Facebook’s upcoming cryptocurrency, Libra, on Tuesday. The head of the committee, Democratic Congresswoman Maxine Waters, last week proposed legislation which details rules that would ban Facebook and other technology firms from developing and launching financial services.

2019-7-16 15:00


Фото:

In an Open Letter to Prime Minister Modi, CoinRecoil’s Founder Doesn’t Hold Back

CoinRecoil, a defunct Indian cryptocurrency exchange, had earlier filed a writ petition against the RBI circular to ban crypto firms from using traditional banking services. Kunal Barchha, the co-founder of the exchange, wrote an open letter to Prime Minister Narendra Modi, detailing all of his concerns and frustration, as reported by INC42, June 30, 2019.

2019-7-2 19:00


China's Central Bank Wants to Put the Damper Airdrops: Report

The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of "disguised" Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities.

2018-11-5 22:04


China's Central Bank Wants to Put the Damper on Airdrops: Report

The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of "disguised" Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities.

2018-11-7 22:04


Фото:

Vietnamese Regulator Advises Firms and Funds to Keep Away From Crypto

The announcement follows a directive issued by the country’s prime minister earlier this year aimed at tightening what Vietnamese regulators call the management of crypto activities. The measure, referred to by local media as a ban, affects public companies, securities companies, fund management firms and securities investment funds. The document puts an emphasis on strengthening

2018-7-26 07:43


India’s Cryptocurrency Banking Ban May Be a Bust

After much waiting and speculation on the July 5 deadline, India may forgo banning investment in cryptocurrency after all. Indian Ban May Be a Bust The three-month time span from the Reserve Bank of India’s initial announcement that all RBI regulated entities must cease any crypto related activities, including both individuals and firms, was filled with speculation.

2018-7-11 15:00


Фото:

Court Says India’s Crypto Trade Bank Account Boycott Will Continue

India’s highest court has declined to end a ban enacted by the national central bank that bars the country’s crypto exchanges from doing business with regulated financial firms. Bloomberg reported Tuesday that the Indian Supreme Court, led by Chief Justice Dipak Misra, said that the Reserve Bank of India’s (RBI) prohibition on providing services to crypto-related

2018-7-3 21:52


дальше еще 2 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival

Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.

Bitcoin Diamond Hands Still Unbroken: 30.7% Of Supply Dormant For 5+ Years

Data shows the Bitcoin diamond hands have continued to sit tight recently as almost a third of the supply hasn’t been moved in five years. Bitcoin Has A Notable Part Of Its Supply Dormant Since Over Five Years In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the most […]

Bitcoin Open Interest Is Shooting Up: Will Shorts Be Rekt This Time?

Data shows the Bitcoin Open Interest on exchanges has been heading up while the Funding Rate has turned negative recently. Bitcoin Open Interest Trend Suggests Speculators Are Back As pointed out by CryptoQuant community manager Maartunn in a new post on X, things appear to be heating up on the derivatives side of the market.

Bitcoin Difficulty Jumps 3% As Hashrate Slowly Recovers

On-chain data shows the Bitcoin mining difficulty has seen an increase in the latest adjustment, a consequence of the hashrate’s recovery. Bitcoin Mining Difficulty Has Seen A Positive 3% Adjustment Recently The “mining difficulty” refers to a feature built into the Bitcoin blockchain that controls how hard the miners would find it to mine on […]

Bitcoin Investors Have Turned Greedy Again: What Could Be Next For BTC?

Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]

These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals

An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.