One of the largest cryptocurrency exchanges, Binance has said that its app is no longer available for download in China and account registrations using Chinese mobile phones are now blocked.
Meanwhile, Huobi One of the major cryptocurrency exchanges, has also said that it would end account registration for new mainland Chinese users. The company will also gradually retire existing accounts of mainland users by midnight of Dec. 31 2021.
The People’s Bank of China on Friday declared all virtual currency –related activities illegal, hence the reason for blockage from all major cryptocurrency exchanges.
The Chinese authorities intensified a crackdown on cryptocurrency that has targeted bitcoin miners and trading and has also taken aim at overseas exchanges providing services to mainland Chinese users.
Bitcoin fell as much as 8.9% on Friday to about $40,700 but stayed within its recent trading range and recovered some of the immediate losses over the weekend.
