Bitcoin exchanges Binance and Huobi stop taking mainland Chinese users as Beijing steps up crackdown on cryptocurrencies

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 crypto ban.

Exchange operators Huobi and Binance have stopped letting traders use mainland China mobile numbers to register new accounts, after the People’s Bank of China said on Friday all crypto-related transactions will 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. A Binance spokesperson said the company does not have exchange operations in China and blocks Chinese IPs, without commenting on the mobile registration move. 

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.