November 29, 2022

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 clear the country's cryptocurrency space for the national digital renminbi and called 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 headlines of crypto media after President Xi Jinping officially recognized the potential of the blockchain.

Back in October, Binance started P2P trading in China,which could provoke the wrath of local regulators. Meanwhile, Tron lost favor with China after local authorities allegedly launched an investigation into Tron CEO Justin Sun in July.