Even after Binance and Huobi, two prominent crypto trading platforms, committed to purge mainland users, Chinese investors in bitcoin and other cryptocurrencies are finding ways to circumvent regulations that have virtually prohibited their favored assets, according to the South China Morning Post. The moves come at the end of a difficult year for Chinese cryptocurrency investors, who have seen online groups shut down, pricing websites go dark, and major exchanges cease operations.
The Chinese government has announced a total crackdown on the cryptocurrency business.
Earlier this year, Chinese officials announced a total crackdown on the cryptocurrency business. Crypto exchanges are taking tougher steps after Beijing announced earlier this year that any offshore crypto platforms serving mainland clients are prohibited. By the end of December, Huobi and Binance said they would stop accepting Chinese currency transactions.
Huobi has already suspended new registrations using mainland Chinese phone numbers. Then, announces any Chinese accounts with a balance will receive a 0.2 percent monthly fee charge beginning next year.
OTC trading in Chinese yuan has come to a stop on cryptocurrency exchanges.
After exchanges are offshore in 2017. Also, the latest crackdown on the crypto business even ended over-the-counter (OTC) trading in yuan on these platforms. Thereby, removing a major trading mechanism among domestic investors. Previously, users could buy cryptocurrencies with yuan directly from banks or popular online payment systems.
At least eight additional platforms have also declared that starting next month, they will no longer enable yuan purchases. Despite the legal concerns and regulatory antipathy, some people who already have crypto holdings aim to keep them.
Using virtual private networks (VPNs), registering foreign email addresses. Then, and transferring assets to less centralized exchanges are all common ways to keep trading going.
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