China Has Shut 13 Underground Crypto Trading Apps, Here's More About It
China has shut down many underground cryptocurrency apps. A total of 13 underground trading applications have shut down after putting a ban on them for almost one year.
As suggested by reports, China, which happens to be the world’s second-largest economy, has called crypto-related transactions illegal.
China regulators have taken down 23 crypto-media websites and 440 online accounts that were promoting cryptocurrencies.
Multiple bank accounts were also banned from providing over-the-counter trading during the intense crackdown. This crackdown was conducted by Beijing Local Financial Supervision and Administration.
This information was provided through a blog post shared by the People’s Court of Chaoyang District via a social media account. Beijing’s wealthiest and largest district is Chaoyang.
Ou Yi is the name of the Chinese exchange, also known as OKX, was one of the first platforms that faced a ban in the district court of Chaoyang.
Ou Yi was known to have continued offering trading services to Chinese users despite being banned by the authorities.
Multiple Blocked Crypto Addresses
The People’s Bank of China, which is the central bank, has blocked 10 addresses that have been found to be downloading exchange applications.
It has also blocked one trading app and 32 domain names that are related to cryptocurrencies.
The blogpost hasn’t, however, mentioned the name of any application, website, or blogger while informing about the same.
The whole need to conduct a crackdown came after the Beijing Chaoyang District Court advised the government that there could be exchanges out there.
These crypto exchanges might still be operating in mainland China after the announcement of the ban in the month of September 2021.
This has led to a coordinated clampdown across various government departments. Some miners have gone underground in China.
This is after China banned crypto trading and mining in the year 2021. Many miners and media outlets have moved out of mainland China. Exchanges and wallet providers have also migrated out of China.
OKX Has Continued Attracts A Lot Of Traffic
OKX is still generating considerable amount of traffic from China and is even ranked 20th globally by 24-hour trading volume as seen on CoinMarketCap.
Reportedly, the platform OKX is still accessible in China and has been supporting direct purchases of crypto with Chinese Yuan.
The Chaoyang District Court had said in the post that this case came under their notice in the month of March, this year.
They were made aware of this exchange named Ou Yi that offered trading services to Chinese users. Ou Yi is the Chinese name of the exchange OKX.
It is a platform that operates from the Seychelles but has roots in China. China’s central bank mentioned that cryptocurrency has been creating economic issues such as instability and is also a breeding ground for financial crimes.
The central bank has also mentioned its concerns regarding people who use crypto to move their money out of the country.
Bitcoin was priced at $19,200 on the one day chart | Source: BTCUSD on TradingView
Featured image from LSE Blogs, chart from TradingView.comHTX, formerly Huobi, swiftly resumes operations, including Bitcoin transactions, after a $30 million exploit, as part of a series of security challenges in the Sun-linked crypto ecosystem.
Hui XinBinance's former CEO, Changpeng Zhao (CZ), faces travel restrictions in the U.S. as a judge rules to curb potential flight risks amidst legal proceedings.
Hui XinInferno Drainer's shutdown highlights challenges and opportunities in combating cryptocurrency fraud, leaving the community with a mix of relief and vigilance.
Hui XinRavi Menon, Managing Director of the Monetary Authority of Singapore, envisions a future with three main components: central bank digital currencies, tokenised bank liabilities, and "well-regulated" stablecoins.
BrianThe FSC will purportedly provide policy support, encouraging periodic capability evaluations for companies to enhance their anti-money laundering measures.
BrianOKX's entry into Brazil brings cutting-edge services and Web3 innovation, shaping the future of crypto trading in the region.
Hui XinLaunched since 2022, Wind.app has facilitated a annualised gross transaction volume (GTV) exceeding $3 million.
BrianVitalik Buterin warns of an existential threat from uncontrolled AI evolution, advocating for intervention and suggesting brain-computer interfaces as a solution.
Hui XinSingapore's central bank head forecasts the decline of private cryptocurrencies for their unreliability. He envisions a future with regulated coins and central bank digital currencies, echoed by Rao, from India's Reserve Bank. The FSB flags risks from complex crypto firms, emphasising the need for robust regulations. The shift towards regulated digital currencies is clear, yet strong oversight remains crucial.
JoyTitan Contents, founded by ex-SM Entertainment CEO Nikki Semin Han, is set to revolutionise the global K-pop scene. Bridging East-West talent and leveraging Web3, metaverse, and AI, the company aims to redefine traditional K-pop models. With an expert team, Titan Contents is poised to shape the genre's future, aiming for international success in the dynamic K-pop landscape.
Joy