November 18, 2021

No Intention To Retreat, Crypto Market Now Faces Third Wave Chinese Action!

 The crypto intolerance policy implemented by Beijing over the past two years has sparked chaos in the crypto market. Day after day, the authorities continue to hunt down parties who do not comply with the rules.

Recently, two of the most popular crypto media channels in China namely ChainNews and Odaily have disappeared. ChainNews had previously tweeted that its website would be down for 10 hours due to maintenance on Monday, however, it remained inaccessible inside as well as outside China until Wednesday,

Similarly, Odaily is another popular crypto news and education platform that has gone undetected for the past few days. This is not the first time crypto -related platforms have been subjected to such action. Last July, Coin World also ended its services in China.

China's crackdown on crypto began in May which resulted in the closure of mining operations in the country with miners from China dropping from more than 60% to almost zero. Later, China announced a structured program in September to crack down on everything related to crypto. . Many argue it is the strictest policy against crypto to date. At the same time, the authorities also issued a warning against foreign crypto platforms offering their services in China,

The crackdown in May and September led many to believe that it was the last. But the expectation was misguided, China has not stopped to continue to press. Chinese authorities recently arrested a senior government official found to be illegally mining Bitcoin and disobeying Beijing’s directives. This is the third wave of crypto removal measures.