China has closed crypto exchanges – but traders and miners can still be active
China’s central bank – the People’s Bank of China (PBoC) – says all crypto exchanges and peer-to-peer (P2P) trading platforms on the mainland have now been shut down. But it appears that authorities are still waging a battle against crypto mining, as many proponents are said to have moved their activities underground.
Lanjinger reported that the PBoC released its latest quarterly report for fiscal year 2021, in which it made a number of claims about the success of its crackdown on cryptocurrencies launched last September.
The PBoC claimed that it had “
cracked down on illegal and criminal financial activity” in an effort to “clean up the financial mess.” The PBoC claimed it had eliminated “unlicensed internet-based wealth management institutions and unlicensed payment institutions” and “equity crowdfunding platforms.”
“All” forms of P2P online lending platforms, including crypto-related platforms, have “ceased operations,” it added.
In addition, the authors of the bank’s report claimed that domestic “virtual currency trading platforms and token issuances” have been shut down, while access to crypto and currency trading platforms overseas has also been “blocked.”
The PBoC claimed that its actions helped reduce the risk of “shadow banking” and remove unhealthy forms of uncertainty from the economy.
cryptocurrencies
But it is proving difficult to eradicate cryptocurrencies in a country that was once the sector’s center of gravity. According to GWI data from 2018, a staggering 31% of Chinese internet users were using virtual private networks (VPNs) at the time, while more recent data is unavailable. And while authorities have tried to discourage the use of VPNs by fining users nearly $150 for using the software, remarks made by an athlete at the Beijing Winter Olympics seem to indicate that VPN use is alive and well in the Middle Kingdom.
U.S
The remarks came from U.S.-born Chinese gold medalist in freestyle skiing, Eileen Gu, who claimed on social media that “anyone can download a VPN” in China, according to the transcript. The post appears to have been censored or deleted, suggesting that VPNs are still a sore spot for Chinese cyberpolice.
Although crypto trading has become more difficult than ever, many Chinese Bitcoin (BTC) enthusiasts are believed to remain active in the market, using VPNs and stablecoins such as Tether (USDT) as a gateway. Over-the-counter trading (OTC) is also said to be alive and well.
OTC
And despite claims that crypto mining has been shut down, it appears that the battle against miners is far from over. CLS reports that Guotai Junan Securities, one of China’s largest securities firms, recently issued a notice warning its employees that they will be punished if they mine crypto.
State bodies last year found that a whopping 21% of illegal crypto mining in China can be traced back to state-owned firms and offices. The media outlet published a copy of an internal note from the securities firm warning:
crypto exchanges
“Employees are strictly prohibited from participating in virtual currency mining activities in any form. Employees are also required to pay attention to the security of personal office computers to prevent them from becoming infected with [crypto] mining viruses.”
Meanwhile, in an official post, the city of Xinzhou, in Shanxi Province, announced that it had set up a reporting network for residents to anonymously tip off police about suspected crypto mining activities in their neighborhoods. crypto exchanges
I do not have personal preferences or bias towards any specific platform. However, here are some popular and reliable options to buy Bitcoin, Ethereum, and other cryptocurrencies:
LocalBitcoins : is a peer-to-peer cryptocurrency marketplace that allows users to buy and sell Bitcoin in their local currency. The platform was founded in 2012 and is headquartered in Helsinki, Finland. LocalBitcoins.com offers a variety of payment methods including cash deposits, bank transfers, and online payment processors. Users can also choose to trade Bitcoin in-person with other users in their local area. LocalBitcoins.com has become a popular platform for buying and selling Bitcoin due to its ease of use and the ability to trade with other users without the need for a centralized exchange.
Changelly.com
is a cryptocurrency exchange platform that allows users to buy and sell cryptocurrencies with ease. The platform offers a simple and user-friendly interface, making it accessible to both beginners and experienced traders.Changelly.com supports over 150 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. The platform also offers competitive exchange rates, which are updated in real-time to ensure that users get the best possible prices.
coinmama.com
is a cryptocurrency exchange platform that allows users to buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Cardano using credit or debit cards, bank transfers, or Apple Pay. The platform was founded in 2013 and is headquartered in Israel. Coinmama is available in over 190 countries, and it offers a user-friendly interface, fast transactions, and high-security standards. However, Coinmama charges higher fees compared to other exchanges, and it has limited options for cryptocurrencies.
Place to buy Bitcoin Gate.io
is a cryptocurrency exchange platform that was founded in 2013. It is a global exchange that offers trading in a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. The platform is known for its high levels of security and reliability, and it has a user-friendly interface that makes it easy for beginners to use.Gate.io offers a range of features, including spot trading, margin trading, and futures trading. It also offers a range of trading tools, such as charts, order books, and trading history. The platform also has a mobile app that allows users to trade on the go.
Gate.io has a strong focus on security, and it uses advanced security measures to protect user funds. It also offers two-factor authentication, withdrawal protection, and cold storage for user funds. The platform also has a 24/7 customer support team that can assist users with any issues they may encounter
Poloniex
is a cryptocurrency exchange platform that was founded in 2014. It allows users to trade a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. The platform offers advanced trading features such as margin trading and lending, as well as access to a range of trading tools and charts. Poloniex has a reputation for being a reliable and secure exchange, with a strong focus on user security and privacy. The platform is available to users worldwide, with the exception of a few countries that are restricted due to regulatory reasons
