Major crypto exchanges stopped letting Chinese users sign up

Major crypto exchanges stopped letting Chinese users sign up

September 28, 2021: -Huobi, one of the world’s largest cryptocurrency exchanges, said it had ceased new account openings for mainland Chinese users after Beijing renewed a crackdown on virtual currencies.

The People’s Bank of China releasing all virtual currency-related activities illegal, including trading on Friday. The Chinese central bank also aimed at overseas exchanges providing services to mainland China users.

Huobi, one of these exchanges, said that it would end account registrations for new mainland Chinese users. The company will gradually retire existing accounts of mainland Chinese users by midnight on December 31, 2021.

Although, Binance, one of the world’s largest cryptocurrency exchanges, said that account registrations using Chinese mobile phone numbers are blocked. The Binance app is also no longer available for download in China.

“Binance takes its compliance obligations and is committed to following local regulator requirements wherever we operate,” a spokesperson told CNBC.

This year, Chinese authorities have intensified a crackdown on cryptocurrencies that have targeted bitcoin miners and trading.

But tough stance on cryptocurrencies is not new in China. Authorities in the world’s second-largest economy have long been worried about the impact of digital coins on financial stability.

In 2017, China closed local cryptocurrency exchanges and banned so-called initial coin offerings to introduce money for crypto companies by issuing digital tokens.

Many cryptocurrency exchanges of China moved offshore as a result of that. But loopholes have remained that allows mainland Chinese traders to buy and sell digital currencies on these offshore exchanges.

About Us

We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.

Recent Posts

Tristar Coatings | Transforming The Painting Industry With Innovation | Svetlana Melkova

There are many challenges facing the painting and coating industry today, and the pandemic just added fuel to the fire. These include raw material shortages and the globalization of the painting and coating market. Other challenges include increasing regulations due to environmental concerns and increasing manufacturing costs and raw materials. Ontario-based Tristar Coatings has been able to leverage its extensive knowledge base and highly skilled chemists to provide the solutions today’s organizations need in the time they require it most. In overarching terms, customer performance requirements can mean increasing product output whilst streamlining the process in which that product is manufactured. This can come in the form of preparing the substrate before the painting process (whether that be with physical or chemical cleaning) or actual product modifications to prevent or promote certain properties in the coating (such as adhesion, corrosion protection, film build, UV resistance, etc.), but Tristar has it all.

The Lake Companies | Making Manufacturing Easier…Forever! | Greg Lake

The Lake Companies knows that to achieve best practices, specific daily business processes must happen and be done as simply as possible, even without human effort. “That’s how we develop our ERP software products. We strive to completely transform internal business processes and revolutionize the user experience with our software,” says Greg Lake, President of The Lake Companies. “Building the support for best practices in our software allows our customers to achieve far more than they anticipated, while paving the way for growth into advanced IoT and Industry 4.0 technologies. Our Simple, Elegant, and Powerful solutions are built specifically for and seamlessly integrate with Infor’s SyteLine®(CloudSuite®) ERP.”

Cyncly | Preparing Customers for the Future | Andrea Gnoato

Cyncly was created in September of 2022 as the new brand to unite Compusoft, 2020, and their affiliate companies after the two companies merged in 2021. One of the key factors driving the decision to form Cyncly as a global brand was that consumers worldwide wanted a seamless experience when they decided to improve their homes. And because Cyncly had brought together all these industry-leading software solutions – retailers, designers, and manufacturers in kitchens, bathrooms, furniture, windows, and doors – they were in a unique position to provide their customers with the tools to do this. By connecting all these previous disparate elements, they were able to help companies using our software make their consumers’ journeys seamless and put consumers at the heart of what they do.

ArtiFlex Manufacturing | A Leader In Engineered Solutions | Erin Hoffmann

ArtiFlex Manufacturing is a premier resource for design, tooling, prototyping, automation, past model service, factory assist, and low volume tooling/production solutions. The team consists of passionate high-performance people organized in a lean fashion. The company partners with their customers to implement innovative tooling and manufacturing solutions while managing their complex programs.

Tecnomatix | Making Transformative Products | Tony Hemmelgarn

Tecnomatix® is a comprehensive portfolio of digital manufacturing solutions that helps companies to digitalize manufacturing and the process of turning innovative ideas and raw materials into transformative products. It is a software suite that enables organizations to create a digital twin of their manufacturing processes, including robots, automation, material handling systems, and people, to improve the performance of their business. The software is used in various industries such as electronics, automotive, aerospace, and heavy equipment and is currently owned by Siemens AG.