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- 09.02.2021
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China cryptocurrency exchange ban
Gox Exchange , which at the time was the largest bitcoin exchange in the world. As a follow-up to its ban on bitcoin transactions, the PBoC allegedly met with top third-party payment services in China on Dec. It would seem that its findings informed the decision to ban initial coin offerings ICOs on Sept. At this point, ICOs were the hottest component of the crypto industry, allowing entrepreneurs and developers to raise funds for their projects by issuing and selling tokens.
The leaked document sent to exchanges revealed that they were expected to wind down their operations and implement processes allowing users to withdraw their funds. The aftermath of this development saw some China-based exchanges move their operations to other countries while others had to close shop. To get around this restriction, Chinese crypto traders started to use offshore exchanges or peer-to-peer platforms for all of their trading activities.
Bitcoin mining, which is a computer-intensive process of validating bitcoin transactions to earn newly minted bitcoin in reward, fell under the catalog of industries the agency considered to be highly polluting. Read More: 8 Trends That Will Shape Bitcoin Mining in As expected, this development sparked some level of panic, considering that a significant percentage of bitcoin mining rigs are manufactured in China. The company will also gradually retire existing accounts of mainland Chinese users by midnight on Dec.
Meanwhile Binance, one of the world's largest cryptocurrency exchanges, said that account registrations using Chinese mobile phone numbers are now blocked. The Binance app is also no longer available for download in China. This year, Chinese authorities have intensified a crackdown on cryptocurrencies that has targeted bitcoin miners and trading. But China's tough stance on cryptocurrencies is not new.
Authorities in the world's second-largest economy have long been worried about the impact of digital coins on financial stability.
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In , China banned initial coin offerings -- the crypto version of an initial public offering -- wherein a cryptocurrency startup sells coins or tokens to raise funds for the venture. The People's Bank of China, which is the country's central bank, designated them an illegal form of fundraising. Read more: Initial coin offerings, explained More recently, China has taken aim at crypto-mining operations within its borders. In , China's state planner expressed interest in banning Bitcoin mining.
And earlier this year, the Chinese government outlawed crypto mining in various provinces -- including the Bitcoin mining epicenter of Sichuan. It's still unclear how the ban will affect e-CNY , China's own state-backed digital currency. How central is China to cryptocurrency mining? Until now, most of the world's crypto mining has taken place in China, with the US in a distant second place.
In contrast, the US accounted for In the near term, that will likely change. Even before the official announcement, a crypto-mining migration of sorts was already underway. And days after the announcement, authorities in the Chinese province of Inner Mongolia seized over 10, computers that were specially customized for crypto mining, as reported by Coindesk.
Will the China ban impact the price of Bitcoin? Many users were quick to point out that previous Chinese statements about crypto had produced "fear, uncertainty and doubt" -- but were followed by short-lived downturns and shouldn't be taken too seriously. Indeed, by the following Monday, the price of Bitcoin was roughly the same as before the announcement.
Read more: Here's how much electricity it takes to mine Bitcoin and why people are worried How does the ban impact cryptocurrency exchanges? Some of the world's biggest crypto exchanges originated in China but Chinese authorities have come to see cryptocurrencies as speculative instruments lacking in intrinsic value, prone to acute price moves and a means to circumvent capital controls.
Chinese authorities have instead thrown their weight behind the development of an official digital currency. It does not, however, go so far as to declare ownership of cryptocurrencies as illegal. In contrast, while elsewhere in the world cryptocurrency firms are facing increased oversight, outright bans are rare. Shares that took a beating include Huobi Global affiliate Huobi Tech Many Chinese crypto exchanges shut down or moved offshore in , after China, once the world's biggest bitcoin trading and mining centre, banned such platforms from converting legal tender into cryptocurrencies and vice versa.
Then in May this year, China's State Council vowed to ban bitcoin trading and mining. Amid the crackdown, other types of Chinese crypto companies have been moving out of China over the past few months, said Flex Yang, founder and CEO of Babel Finance, adding that the impact from the latest policy would be "limited".
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In contrast, while elsewhere in the world cryptocurrency firms are facing increased oversight, outright bans are rare. Shares that took a beating include Huobi Global affiliate Huobi Tech Many Chinese crypto exchanges shut down or moved offshore in , after China, once the world's biggest bitcoin trading and mining centre, banned such platforms from converting legal tender into cryptocurrencies and vice versa. Then in May this year, China's State Council vowed to ban bitcoin trading and mining.
Amid the crackdown, other types of Chinese crypto companies have been moving out of China over the past few months, said Flex Yang, founder and CEO of Babel Finance, adding that the impact from the latest policy would be "limited". The Chinese crypto financial services provider this month opened new business headquarters in Singapore. Cobo, a crypto asset management and custodian platform, also recently moved its headquarters from Beijing to Singapore.
Earlier crackdowns appeared to have led to capital outflows for many Chinese exchanges. The leaked document sent to exchanges revealed that they were expected to wind down their operations and implement processes allowing users to withdraw their funds. The aftermath of this development saw some China-based exchanges move their operations to other countries while others had to close shop. To get around this restriction, Chinese crypto traders started to use offshore exchanges or peer-to-peer platforms for all of their trading activities.
Bitcoin mining, which is a computer-intensive process of validating bitcoin transactions to earn newly minted bitcoin in reward, fell under the catalog of industries the agency considered to be highly polluting. Read More: 8 Trends That Will Shape Bitcoin Mining in As expected, this development sparked some level of panic, considering that a significant percentage of bitcoin mining rigs are manufactured in China.
Although the NDRC eventually omitted bitcoin mining from its final draft after much deliberation, the entire episode was the first hint of things to come. In August, the PBoC revealed its intention to block over foreign websites offering crypto exchange services. Before this, the provincial authorities of Inner Mongolia, Xinjiang and Sichuan provinces, which were all major bitcoin mining hubs, had begun to introduce policies that stifled the operations of bitcoin miners.
Following the statement from the State Council, provincial governments began to take proactive measures to eradicate crypto mining.