April 25, 2024

The regulator of China called for the cessation of cryptocurrency companies in the country

The regulator of China called for the cessation of cryptocurrency companies in the country

Chinese regulators are clearing the country's cryptocurrency space for a national digital yuan andcalled for the cryptocurrency companies to stop working.

Weibo, China's largest social network with over 400 million active users per month, recently banned official Tron Foundation and Binance accounts.

Weibo leadership claims that the causethe ban was a "violation of laws and regulations." On November 14, China's financial regulator formally called on all government organizations to immediately cease cooperation with any cryptocurrency companies.

However, account blocking at Weibo was earlier than the government’s appeal.

Perhaps such restrictions serve as further confirmation of China's position – “for blockchain, against bitcoin.”

China dominated the crypto media headlines after President Xi Jinping officially recognized the potential of blockchain. 

Back in October, Binance launched P2P trading in China.which could anger local regulators. Meanwhile, Tron fell out of favor with China after local authorities allegedly launched an investigation into Tron CEO Justin Sun in July.