NewsletterJust-In: Bybit to Close All Chinese Mobile Phone Accounts by June 15
Bybit, a popular crypto derivatives exchange that originated from China has announced it would be terminating all accounts registered with a Chinese phone number by June 15. The platform has already banned Chinese IP address last year and the decision to remove all accounts associated with a Chinese phone number seems to be in light of a new crackdown on crypto trading and mining by the Chinese government.
Derivatives exchange Bybit has given the most severe measures: on June 15th, it will close the accounts of all registered users of Chinese mobile phone numbers. Bybit banned Chinese IP in 2020. It was founded by the Chinese team in Shanghai. pic.twitter.com/JYnqXQ2bAN
— Wu Blockchain (@WuBlockchain) May 25, 2021
The measure was taken by the derivative exchange seems to be the most severe among many other exchanges that have either paused their services to Chinese customers or are awaiting more clarity from the authorities.
China had banned crypto trading and exchanges by 2017, but despite the regulatory clampdown crypto investments have flourished especially this bull season. The development of the digital yuan, the national CBDC was seen as a measure to ensure complete control over the flow of money put of the country which decentralized crypto-assets do not offer.
China’s Recent Crackdown on Crypto Trading & Bitcoin Mining Most Severe?
China over the years has announced a crackdown on crypto trading on several occasions which is understandable as it is prohibited in the country. However, the most recent crackdown seems to be most severe owing to the nearing digital yuan launch. The crackdown on Bitcoin mining is also nothing new, but in recent times the central government has pledged to become carbon neutral, and excessive mining in rural provinces has led to the failure of States to meet their carbon emission goals.
While the China FUD led to panic selling among new investors, the veterans in the space believe the crackdown would only help Bitcoin mining to become more decentralized and renewable energy focused.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Eric Trump Says Now Is a Great Time to Buy Bitcoin Amid Crypto Crash
- Dogecoin, Cardano, Shiba Inu Eye Wider Adoption as Coinbase Announces Perpetual-Style Futures
- Solana News: SOL’s Supply Could Drop Twice as Fast as Disinflation Proposal Goes Live
- Trump Tariffs: White House Prepares Plan B as Crypto Market Awaits Supreme Court Ruling
- Michael Saylor’s Strategy Hints It Will Keep Buying Bitcoin, Citing 2022 Bear Market Playbook
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
- Will Solana Price Crash Under $100 as Crypto Market Signals Further Downside?
