It is no longer news that China has declared all crypto-related trading illegal within its jurisdiction. However, Binance, the largest crypto exchange in the world by trading volume, has come out to say that the firm has had no business in the Asian country for a while now.
Binance has no business in China
According to a press statement obtained by a local Chinese media house, it was revealed that the CZ-led exchange had stopped dealing with the country since 2017.
“Since 2017, Chinese users have been unable to access the Currency Security website, and there is currently no exchange business in China,” the statement reads in part.
The exchange continued that it had chosen to discontinue its operation in China because of the “importance” it attaches to complying with local regulations.
Reuters had first reported the severity of the new ban has it revealed that “ten agencies, including the central bank, financial, securities and foreign exchange regulators, vowed to work together to root out “illegal” cryptocurrency activity, the first time the Beijing-based regulators have joined forces to explicitly ban all cryptocurrency-related activity.”
This move, according to South China Morning Post, has forced top crypto exchanges like Binance and Huobi, to “stop letting traders use mainland China mobile numbers to register new accounts following China’s latest pronouncement.”
Reactions trail China’s new “crypto ban”
China’s new crypto ban is the most recent in its long history of clampdowns against the digital asset industry.
The Asian country had first issued similar crypto bans in 2013 and 2017 before renewing hostilities against the industry earlier this year when it cited the environmental impacts of mining the assets.
Due to its history with the space, some crypto enthusiasts have labeled the actions of the authorities as being “tricky.” Some have also stated that the new ban was because the Asian country was working on its “digital yuan” project.