Crypto exchanges strike again after Chinese search engines have been blocked
Crypto exchanges strike again after Chinese search engines have been blocked
- search engine giants in China block binance, huobi and okex.
- This exchange was also blocked by the country's largest social media platforms
recently reported that the People’s Bank of China (PBOC) accelerated its raids against cryptocurrencies and associated business. As the reasons, the bank stated that they were highly speculative and had no real value. PBOC has instructed financial institutions and payment platforms not to process crypto -related transactions. They have also banned crypto exchanges that Chinese users mainly offer Leverage trading. However, they did not prevent people from keeping the assets.
After the latest developments, some of the greatest crypto exchanges, including Binance, Huobi and Okex, were blocked by large search engines in China.
Breaking: On June 9th, all Chinese search engines such as Baidu and Sogou blocked the three large stock exchanges: Binance Huobi and Okex. pic.twitter.com/pmrzkivozn
-Wu-Blockchain (@wublockchain) 9. June 2021
A search for these stock exchanges on Baidu and Sogou does not provide any results. Wu Blockchain brought the news and announced that the largest social media platforms in China also blocked this exchange.
not only search engines blocked the three large stock exchanges, but also social media such as Weibo (China's Twitter) and Zhihu (Chinas quora).
In a statement to explain the blockade, Weibo announced that her decision is based on the new relevant laws, regulations and guidelines.
The passage of the Chinese crypto exchanges dates from 2017
China was one of the main culprits of the market crash in 2018. From 2017, they initiated raids on local cryptocurrency exchanges to eliminate a market that issued around 90 percent of the worldwide Bitcoin trade.
In 2019 they confirmed their attitude against crypto by explaining that they would block access to all domestic and foreign cryptocurrency exchanges and banned ICOs. Three industry bodies - the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China - worked together during the efforts and stated that trade contracts were not protected by the Chinese laws. after them , cryptocurrencies have no real value and their prices are manipulated.
In the recent measures, the three industry bodies asked their members not to open their members of the crypto, registration, handling and insurance, trade and clearing.
Binance was very popular with Chinese dealers because it enabled them to open online accounts. It also helped them to convert the Chinese Yuan into crypto using the peer-to-peer shops on the OTC markets. The transactions were handled by Alipay or Wechat Pay and banks. This step will make it difficult for the Chinese to act with cryptos, which could add more for the already fragile market.
Source: Crypto-news-flash.com
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