China’s Largest Cryptocurrency Exchange Stops New Registrations

The Chinese government’s restrictive moves towards cryptocurrencies continue, and the negative effects of these moves on the market are growing. Although the reason behind these moves of the government is unknown, the government’s It is thought to be aimed at paving the way for its own cryptocurrency.

China’s largest cryptocurrency exchange after the People’s Bank of China declared transactions related to cryptoassets illegal, adding a new one to its government’s restrictions. Huobi has stopped new recordings. Huobi prevented Chinese users from signing up to the exchange with their mobile phone numbers. Thus, the first decision that the ban from China was effective was taken.

The government has announced that it will take drastic measures:

China, increasing the pressure on cryptocurrency trading, declared all transactions “illegal”. In the statement made by 10 public institutions, including the People’s Bank of China and the Ministry of Public Security, it was emphasized that they would act “toughly” to protect citizens from risks regarding cryptocurrencies.

In the statement, it was stated that public institutions will work together to eliminate “speculation” about cryptocurrencies, such as illegal funding and money laundering with crypto money in the country. It was stated that criminal activities should be stopped.

‘We will reduce virtual currency speculation’

On the website of the People’s Bank of China, on the subject, “Beijing administration”protect the assets of citizens, economic, to maintain the financial and social order We will decisively reduce virtual currency speculation, related financial activities and inappropriate behavior.” was included.

The Beijing Administration decided to restrict cryptocurrency mining and transactions in May to protect Chinese citizens from financial risk. In China, where almost half of the world’s bitcoin mining is carried out, miners are working after government restrictions. began to move its activities to other countries.