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Crypto Exchange Giants Cut Back on China Users as Ban Widens

  • Binance, Huobi won’t allow new sign-ups via China phones
  • Steps come after missive from PBOC about crypto transactions
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WATCH: Two of the world’s largest Bitcoin exchanges have halted new registrations for Chinese users following Beijing’s latest crypto ban. Su Keenan reports.(Source: Bloomberg)
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Two of the world’s largest Bitcoin exchanges have halted new registrations for Chinese users and one will retire current accounts, taking actions to comply with Beijing’s latest crypto ban.

Exchange operators Huobi and Binance have stopped letting traders use mainland China mobile numbers to register new accounts, after the People’s Bank of China said Friday all crypto-related transactions will be considered illicit financial activity. New sign-ups are still available for Hong Kong users on both platforms, but mainland China is no longer an option for new-account creation. Huobi has also announced plans to close existing accounts by year-end.