Bitcoin exchanges Binance and Huobi stop taking mainland Chinese users as Beijing steps up crackdown on cryptocurrencies
- Top cryptocurrency exchanges stop letting traders use mainland China mobile numbers to register new accounts following China’s latest pronouncement
- The PBOC said on Friday all crypto-related transactions will be considered illicit financial activity
“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate,” the spokesperson said in an email.
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.
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In June, Huobi banned existing 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 could still use mainland China numbers to register on OKEx as of Sunday morning in Hong Kong.
