According to the Yahoo Finance report, at least five local exchanges have halted operations or announced they would no longer serve domestic users this month after the People’s Bank of China (PBoC) announced a crackdown on cryptocurrency businesses.
China continues to scrutinize cryptocurrencies
In the latest warnings, the People’s Bank of China warned investors not to confuse the blockchain technology with the cryptocurrencies. According to the authorities, cryptocurrency speculation is rising in the country since the Chinese President Xi Jinping promoted the blockchain technology as he asked the country to take the lead in this field.
Earlier, Chinese exchange operators Bitsoda and Akdex announced the termination of services. Crypto exchange Btuex announced that it would shut in response to Chinese government orders, reopening in the future to serve only overseas users.
Weibo accounts of Binance and Tron suspended.
Weibo account of the world’s leading crypto exchange Binance was suspended on Nov. 13. Weibo is a twitter-like platform for Chinese people. And a day later, on Nov. 15, Tron’s Weibo account was also frozen.
China is also all set to launch its central bank-backed digital currency. However, the PBoC has not revealed the specific timeline as to when the digital currency will be launched, but it is expected to launch soon.