By Kenny S - Cryptocurrency Professional - 10-10-2021
China has come back to finish off the crypto buying platforms for good within its borders. Whether this ruling will stick is unknown; reportedly, China has already attempted to ban buying crypto 18 times before, and the official ban was initially finalised in 2019. Despite the recent news of the new China crypto crackdown 2.0, many coins, including Bitcoin (BTC), seemed unphased as prices continued to incline. In fact, the price to buy BTC has recently witnessed a bull run, which comes as a relief to many investors who were unsure about how the latest news would affect the market.
The latest crypto ban states that no one can legally trade crypto within China, as all crypto transactions are now entirely prohibited. In further detail, it states that the people in the country can no longer trade or order match, and all forms of tokens and cryptocurrencies are banned. The law also expands to outer-border interactions as it limits overseas exchanges.
One of the most popular cryptocurrency platforms, Binance, has recently had to halt all transactions to China due to the latest announcement. Despite the ban appearing to affect only the country's residents, its effects are felt globally. One example of its worldwide impact is that Binance has had to stop all services to its customers from China. They have also gone as far as to stop allowing registrations from China. To explain further, this means that anyone registering on Binance with a Chinese IP address will be banned from the server.
Despite Binance's previous issues with operating illegally within countries, this time, Binance has stated that they take these rules "extremely seriously" and are "dedicated" to following regulator standards from any country. Binance has done everything to ensure that they completely comply with the Chinese government regulations.