London Daily

Focus on the big picture.
Saturday, May 31, 2025

Crypto exchange giants stop taking China users

Crypto exchange giants stop taking China users

Two of the world’s largest bitcoin exchanges have halted new registrations for Chinese users, taking one of the first actions to comply with Beijing’s latest cryptocurrency ban.
Exchange operators Huobi (火幣) and Binance (幣安) have stopped letting traders use mainland China mobile numbers to register new accounts, after the People’s Bank of China (PBOC) on Friday said that all crypto-related transactions would be considered illicit financial activity.

New sign-ups are still available for Hong Kong users on both platforms, but mainland China is no longer an option for new-account creation.

A Huobi spokesperson declined to comment, while a Binance spokesperson said the company does not have exchange operations in China and blocks Chinese IP addresses, without commenting on the mobile registration move.

“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate,” the spokesperson said in an e-mail.

China’s latest pronouncement — issued by the central bank along with nine other government agencies including the public security ministry — is the culmination of years of attempted crackdowns on the rise of bitcoin and its peers.

Friday’s notice specifically called out offshore exchanges targeting Chinese users, banning them from hiring locally for roles from marketing to payment settlement and tech.

In 2017, China told local exchanges to stop hosting trades between fiat money and crypto tokens, forcing Huobi and Binance to set up shops in friendlier jurisdictions such as Singapore and Malta for their main trading platforms.

Still, Chinese users have been able to access their services including over-the-counter trading and crypto-to-crypto transactions.

In June, Huobi banned Chinese users from trading riskier products such as derivatives, after China’s Cabinet called for a renewed clampdown on crypto trading and mining.

There is no indication that Chinese users are barred from Huobi and Binance altogether, which are widely regarded as two of the big three crypto exchanges that originated in China, along with OKEx.

Users can still use mainland China numbers to register on OKEx as of yesterday morning in Hong Kong.

The PBOC’s announcement comes as countries around the world tighten the regulatory screw with the US threatening industry players with lawsuits or cease-and-desist orders. China’s stance comes as the Chinese Communist Party seeks bring key industries to heel from online gaming and tutoring to high-frequency trading.

“This is the latest and perhaps final stage of the Chinese government’s crackdown on crypto,” said Jehan Chu (朱沛宗), founder of investment firm Kenetic Capital in Hong Kong. “China has been consistent about its desire to rid itself of free trading in cryptocurrencies and emphasize more controlled projects.”
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×