Larangan cryptocurrency terbaru di China jauh lebih berbahaya daripada yang sebelumnya
Insiders argue that the freshest crypto ban in China has become the most dangerous. This was stated by persons living in the territory of the Celestial Empire and working on offshore crypto-exchanges, who can henceforth be prosecuted.
Following September 24, several documents become released in PRC officially prohibiting financial businesses from proposing services related to digital currencies. This includes fiat transactions paired with cryptocurrencies or the exchange of tokens of one project for others.
Those who violate the ban will be subject to judicial investigation. This applies to both the management and employees of the exchanges giving their services to the local population. All aspects of the work of crypto companies fell under the ban: development department, technical support, marketing and strategy department, logistics, payments and settlements department, as well as any other divisions of firms.
The nature of the ban is aggravated by the embroilment of many law enforcement agencies and telecommunications firms, which makes it possible to significantly increase the coverage of control over the industry. The Cyberspace Administration of China, which is responsible for measures against China's initial coin offering in 2017, will also ensure that resources advising any cryptocurrency services are blocked.
Thus, China has shifted digital currency trading from “unwanted financial transactions” to “financial crimes,” for which the responsibility will be much more severe. In addition, industry regulators are among the three main pillars of the PRC's judiciary.
One of those who had the hardest time was the Huobi crypto exchange. Yesterday, its management banned traders from using mobile numbers linked to mainland China to register new accounts on the marketplace. Registrations are still available for Hong Kong residents. Meanwhile, mainland Chinese citizens can create new accounts on OKEx and Binance without any restrictions.
As a reminder, in June this year, Huobi also banned all registered Chinese users from trading in “high-risk products” such as derivatives. This happened shortly after the resumption of "crypto-repression" by local authorities in relation to mining.
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