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China anti-crypto laws force 5 exchanges to close

China anti crypto laws force 5 exchanges to close

While China is experiencing a blockchain revolution, the government is also cracking down on some serious anti-crypto legislature. Because of this new legislation, several cryptocurrency exchanges have been forced to stop their operations. 

Anti-crypto laws

China’s efforts to eradicate cryptocurrency, and specifically Bitcoin, trading from the country. Back in 2017, the Chinese government issued an official ban for any ICO trading in the country, and since then authorities have been monitoring cryptocurrency activity.

Since the tightening of the legislature in China, the government and authorities have identified more than thirty-five illegal cryptocurrency operators and exchanges.

Unfortunately, the unfavourable legislative conditions have had a severe impact on legitimate businesses and crypto exchanges. Most recently, five of the most prominent cryptocurrency exchanges in the country were forced to cease operations. 

Cryptocurrency exchanges

Among the exchanges affected after the latest round of anti-crypto laws were introduced, one can find names like Akdex and Biss. 

To fight the consistent updates in the legislature, most exchanges are actually trying to focus their activities on international users. While banning access to services for Chinese nationals, cryptocurrency exchanges are still betting on making a profit from international customers. 

Even so, most exchanges that are operating out of the country are facing significant risks, as the government is looking to ban their activity, irrelevant of the customer base. Hopefully, big exchanges like Huobi will continue their businesses, despite the anti-crypto laws constantly introduced in the country.

In the meantime, blockchain projects are taking over the government, as China’s President endorsed a push for the technology to become a more significant part of government-related systems and operations.

Featured Image by Pixabay

Tina Yordanova

Tina Yordanova

Back from her stint with European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International, Tina rejoins Cryptopolitan with a deeper insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. She is eager to share her rounded perspective honed from the biggest media analysis companies on the Balkans.

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