OGLAS
ByBit will close all accounts of Chinese phone numbers on June 15th despite originating from China, as we can see in the announcement made today in our zadnje kripto novice danes.
ByBit is a prominent crypto derivatives exchange based in China announced that all accounts registered with a Chinese phone number will be terminated by June 15th while last year we saw the platform blocking Chinese IP addresses with the decision to delete all of the accounts associated with Chinese phone numbers as a response to the government’s recent crackdown on trading and mining. ByBit will close all accounts until further notice.
Izmenjava izvedenih finančnih instrumentov Bybit je sprejel najstrožje ukrepe: 15. junija bo zaprl račune vseh registriranih uporabnikov kitajskih številk mobilnih telefonov. Bybit je kitajski IP prepovedal leta 2020. Ustanovila ga je kitajska ekipa v Šanghaju. pic.twitter.com/JYnqXQ2bAN
- Wu Blockchain (@WuBlockchain) Maj 25, 2021
The platform’s decision appears to be quite serious among others that either stopped serving Chinese customers or halted trading for a certain time while waiting for information from the authorities. By 2017, China banned crypto trading and exchanges but despite the restrictions, crypto investments thrived in this bull market. The CBDC establishemtn of the digital yuan was seen as a measure to ensure control over the money flow in the country which the decentralized assets don’t have.
OGLAS
China declared a few crackdowns on crypto trading over the years which are quite understandable because it is illegal in the country. Due to the impending launch of the yuan, the recent crackdown seems to be the most serious so far. The government ban on BTC mining isn’t something new but the central government vowed to become carbon neutral and mining in rural provinces resulted in states failing to reach their carbon emission targets.
The FUD from China caused panic among the investors but veterans remained calm because the crackdown will help BTC mining become more decentralized and based on renewable energy. The co-founder of Conflux, a government based public blockchain network Fen Long, said:
"Kitajski vladi ni všeč zelo nestanovitna, špekulativna narava trga kriptovalut."
He also said that authorities will take further action to restrict or eliminate other ways for Chinese citizens to exchange yuan into crypto on the OTC market. Huobi for example said it will stop selling mining machines that are related to users in China and will suspend futures contracts and leveraged investment products for new users in the region. OKEX also said that its OKB token can no longer be traded with the yuan.
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