Beijing’s no-tolerance coverage in opposition to cryptocurrency is again in full swing once more as two of the most well-liked crypto media shops in China ChainNews and Odaily have vanished from the web. ChainNews had earlier tweeted that its web site can be down for 10 hours as a result of upkeep on Monday, nonetheless, it remained inaccessible inside in addition to outdoors mainland China till Wednesday.
Equally, Odaily is one other common crypto information and schooling platform that has gone darkish previously couple of days. This isn’t the primary time when crypto-related platforms have grow to be inaccessible as a result of strain from Beijing. Earlier, In July Bishijie, or Coin World in English additionally terminated its companies in mainland China.
The primary main crypto crackdown in China got here in Might that resulted in a complete shutdown of mining operations within the nation as China’s Bitcoin mining share fell from over 60% to close zero. China later introduced a well-laid-out plan in September to crack down on all the things crypto-related. Many thought it was the strictest coverage in opposition to crypto so far. Beijing additionally issued a warning in opposition to international crypto platforms providing their companies to mainland China, leading to a number of crypto exchanges together with Huobi, OKEx, and Binance severing any type of operation within the nation.
China Faces Third Wave of Crypto Crackdown
The extreme crackdown in Might and September made many imagine that China has lastly managed to eradicate crypto fully, nonetheless, the latest collection of actions suggests it’s going to be a steady course of. That is primarily as a result of it’s close to unattainable to ban crypto as a result of its decentralized nature, and it was evident when from the surge in Defi actions post-ban on international crypto exchanges.
The Chinese language authorities not too long ago arrested a senior authorities official discovered to be illegally mining Bitcoin and defying Beijing’s orders. This triggered the third and ongoing wave of crackdowns within the nation which many imagine additionally resulted within the latest crypto market correction.