Crypto Exchanges Stop Letting Chinese Users Sign Up

Chinese govt bitcoin

Two of the world’s largest Bitcoin exchanges have shut down enrolling Chinese users. To clarify, they are complying with a recent policy to restrict crypto access in China.

The People’s Bank of China has warned that crypto-related deals are illegal financial activity. As a result, Huobi and Binance are not letting traders use mainland China’s mobile numbers. to register new accounts.

The mainland China option for new account creation is no longer available. But, Hong Kong users can still sign up on both platforms.

Huobi, said that it would stop account registrations for new mainland Chinese users. The company will also retire existing accounts of mainland Chinese users. They will do this by midnight on Dec. 31, 2021.

But, a Binance agent said the company doesn’t offer exchanges in China, and they block Chinese IPs. He made no further remarks.

“Binance takes its compliance obligations very seriously. And, applies to follow local regulations wherever we operate.” The representative said in an email.

Cryptocurrency In China

A virtual currency that has been gaining popularity in the country. The central bank and nine government agencies issued an official statement on crypto last week. This is an attempt to curb bitcoin’s rise and to regulate offshore

The Chinese government has not been friendly to cryptocurrency in the past years. In 2017, China banned fiat money trading on local exchanges. The two most popular cryptocurrency platforms Huobi and Binance move their operations overseas. As a result, Huobi and Binance moved their headquarters abroad. Yet, Chinese users still had access through over-the-counter transactions. Moreover, they rely on crypto-to-crypto trading systems like OKEx, which operate outside China.

China’s cabinet call for a curb on crypto trade made Huobi strict about their products. They bar Chinese users from risking their money on assets such as derivatives.

Chinese crypto enthusiasts have been able to trade on Huobi and Binance. Two of the big three exchanges from China. These exchanges originated there besides OKEx. A regarded third option for trading cryptocurrencies globally.

Users can still use mainland China numbers to register on OKEx as of Sunday morning in Hong Kong.