Recent developments in the ban on crypto in China show that more than 20 crypto exchange companies have stopped services for Chinese consumers followed by a withdrawal from the Chinese market. This was reported by local news in China.
The People’s Bank of China (PBoC) updated its crypto ban guidelines at the end of the month which caused many crypto companies to start shutting down operations to prevent further regulatory confrontations. These latest guidelines are more stringent so as to cover the smallest aspects associated with crypto.
The guidelines from China's central bank fully seek to exclude "illegal" and "highly speculative" crypto markets, especially those related to crypto mining, crypto trading and the offering of services from external crypto exchanges to Chinese customers.
The latest largest crypto exchange, Houbi announced a postponement of the opening of new accounts and closed the registration of new accounts for Chinese users. Huobi has announced it will close users ’existing accounts on December 31, 2021.
As time went on, more and more crypto exchanges followed in Houbi's footsteps. Some have given the view that this is an initial step to make way for the yuan CBDC.
