RATE Group | China cryptocurrency crackdown elicits appeal
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China cryptocurrency crackdown elicits appeal

19 Nov China cryptocurrency crackdown elicits appeal

Posted at 16:22h in Cryptocurrency News by

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CRYPTO GIANTS Binance Holdings Ltd. and Tron have been banned on China’s largest micro-blogging service amid what appears to be fresh steps to crack down on digital currency trading.

The official accounts of exchange operator Binance and blockchain platform Tron were suspended by Twitter-like Weibo last week. At the same time watchdogs in Shanghai issued notices calling for a cleanup of companies involved in cryptocurrency trading, while one in Beijing warned against illegal exchange operations.

The latest crackdown came after President Xi Jinping urged faster development of blockchain last month, hailing it as one of the core technologies requiring China-led innovations. Xi’s remarks spurred companies to jump on the blockchain bandwagon to drive share prices. State media have warned against the frenzy.

The Shanghai headquarters of China’s central bank and the city’s financial regulator said in a notice they co-signed on Nov. 14 that local government…

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