China’s crypto crackdown is only getting stronger with each passing day. It started with a warning for citizens to avoid crypto transactions that forced many exchanges to stop offering their services to Chinese origin customers. This was followed by a countrywide crypto ban on mining forcing several large Bitcoin mining farms to shut their operations and look for other destinations. Only yesterday, the Chinese Central Bank shut down operations of a software company found to be involved in crypto trading.
Amid the growing crackdown on crypto businesses and mining operators, what happens if individual traders try to access a crypto exchange in the country? Well, allegedly they get a Police call warning them of potential risks associated with crypto trading.
According to Wu Blockchain, a prominent source for Chinese crypto news, people in Sichuan province who tried accessing Binance account received a police call. The call didn’t threaten them with any consequence but did warn them that authorities won’t be of much help if they lose money in crypto.
In some parts of Sichuan, China, some investors found that they would receive a call from the police immediately after logging in to binance. However, the police only warned of the risks, saying that they would not accept the case if they suffered losses. By @WuBlockchain pic.twitter.com/lpJ08OGCvI
— Wu Blockchain (@WuBlockchain) July 7, 2021
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China’s Crypto Ban and its Impact
China is notorious for issuing warnings against crypto trading every once in a while and continues to impose strict policies against crypto businesses. The most recent call for action by the Central Bank warned businesses from offering any kind of office space to virtual currency businesses. Many believe the recent crypto ban comes in the wake of the country’s impending launch of its national digital currency.
The current crypto ban is not the first of its kind, many believe it is the strictest one. The Chinese crackdown also has a volatile impact on the crypto market. Kraken crypto exchange compiled a list of headlines since 2013 when China started issuing strict policies against the crypto market and its subsequent impact on their price.
The above list indicates that even though there have been small short-term bearish trends post-Chinese restrictions but the long-term impact has been negligible. The mining ban had also helped in decentralizing the high concentration of miners in China which many believe is one of the best outcomes of the recent crackdown.
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