All the major and popular virtual currency trading and investment platforms have been banning Chinese users from utilizing their services, offers and even accessing their trading platforms. They are claiming that since China is bent upon killing the mining and crypto industries in the country therefore they are banning Chinese users for which not they but China is responsible. The initiators of this tit for tat show are globally acclaimed trading platforms known as “Huobi” and “Binance”.
China’s days of exercising its monopoly over virtual currencies are about to end very soon. The reason for this end is not some disaster but China itself is the reason. China wanted to develop its digital Yuan, which was a good thing because more than 87 states of the world are looking forward to do so.
Apparently, China is amongst the fewer countries which have developed the end product and brought it into the market. But the question China had in mind was how it can kick-off widespread adoption of digital Yuan. So China prepared a scheme and started to implement it. The scheme was to go after crypto mining and virtual currency trading venues with full guns blazing. From the perspective of China, the country won the war but in the world of virtual currencies, it was losing it.
China’s crackdown of the crypto industry, upon which it had exclusive influence, saw patriotic crypto firms turning into traitors.
Currently, majority of Chinese miners have relocated their mining farms outside China, while the rest are in the process. Similarly, crypto trading platforms, too are relocating their offices as well as their crypto funds. The crypto economy in China is shrinking and recently Huboi has put the final nail in the coffin by moving massive crypto funds in Bitcoin and Ethereum. People were surprised to learn why Huobi was moving crypto funds but now it is evidently clear why.
Huobi and Binance, are currently one of the world’s leading and major crypto trading firms. Both these firms have recently changed their business policies particularly for their users in China. For instance, Huobi has publicly announced disbanding of its services for the Chinese users. The firm is literally not accepting any new sign ups that are stemming from China. Even if the interested person is holding a mobile phone number of Chinese origin, even then he or she has been denied service.
Similarly, Binance too has blocked Chinese users from signing up and even the Binance app is no longer accessible in China. Both the firms are holding China responsible because the authorities therein have ignored theirs and the public’s interest.
Meanwhile a digital wallet service provider too has revealed its plans that soon it will be terminating wallet services for Chinese users.