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.”
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