China Crypto Ban: 20 Crypto-Related Businesses to Relocate Abroad

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


According to recent reports, over 20 crypto-related businesses in China have noted that they will cease operations amid the inhospitable crypto environment in China.

The Chinese government’s inimical stance on the cryptocurrency industry is not a new development, as the government made sure to remind investors at every opportunity. In late September, the People’s Bank of China (PBoC) announced that all trading and mining of cryptocurrency in the Asian nation had become illegal within the Chinese borders. The central bank also prohibited the creation of crypto exchanges in the country.

Following this announcement, China Securities Journal revealed that 20 crypto entities would halt all operations and services in China and move abroad.

Also, behemoth exchange Huobi recently announced that it would no longer allow the registration of new users from the region. Subsequently, Huobi pool—one of the largest BTC mining pools in the world—moved over $4 billion in BTC from miners alone. Reports show that this was the largest inflow of funds since December 2017.

Meanwhile, the second-largest ETH mining pool across the globe, Sparkpool, recently announced that it had suspended access to new users in Mainland China and abandoned all its services in the region on September 30.

To make matters worse, the Chinese government has seized numerous mining equipment and sites across its provinces and continues to do so amid the mass exodus of miners from China.

Bitcoin Stronger Despite China Ban

That said, Bitcoin has resisted the FUD waves and increased in value despite the doubling down of restrictive actions by the Chinese government. At press time, BTC trades at over 27% since the latest PBoC crypto ban.

Also, famous whistleblower Edward Snowden recently asserted that the Chinese restrictions only made Bitcoin stronger.

Additionally, Katie Huan—a Partner at Venture Capital Firm Andreessen Horowitz (a16z)—called on American financial regulators to capitalize on the adoption opportunity. She noted that:

“This is an opportunity for the United States because we should be doing the exact opposite in my mind in this realm of what China is doing.”

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *