The effects of the People’s Bank of China (PBOC) declaring all cryptocurrency transactions, including trade, illegal. Binance, the world’s largest cryptocurrency exchange, announced that it will cancel trading with China’s currency, the Yuan, after being banned from the country. He also stated that he will only offer ‘withdrawal’ services to citizens. Other exchanges have also announced that they will stop serving their Chinese customers.
WeChat bans ‘search’ on cryptocurrency exchanges
A platform that banned the crypto money industry in China was WeChat. The platform, which has more than 1 billion monthly active users, has started to impose an embargo on all exchanges in the country, including Huobi, Binance, Ouyi. Any word related to these exchanges will not be searchable in the Chinese version of WeChat. The app’s algorithm will automatically block it.
China’s largest search engines, especially Baidu, took the same decision in June. Even researching popular cryptocurrency exchanges such as Binance, Huobi, OKEx was blocked. According to the news of U. Today, Huobi founder Leon Li announced on the WeChat group that they will completely leave the Chinese market due to increasing pressure.
Alibaba struck one of the hardest blows
Ranked in the top 3 among the world’s largest e-commerce platforms, Alibaba has banned the sale of hardware and software used for cryptocurrency mining. It also included materials prepared to give information about mining within the scope of the ban. It also removed the categories named Consumer Electronics > Blockchain Miners and Blockchain Miner Accessories from the site.
The company also noted that it will impose sanctions on users who do not comply with the rules, such as closing accounts and restricting the site.
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