Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been in the news a lot lately. First, the company announced that it would be launching a US-based exchange.
Then, it was revealed that Binance had been hacked, with 7,000 BTC (worth around $40 million at the time) stolen from user accounts.
Now, there are reports that Binance has frozen user accounts in China. This has led to speculation that the exchange may be under pressure from Chinese authorities.
Binance has not confirmed or denied these reports. However, if they are true, it would not be the first time that Binance has come under pressure from Chinese authorities.
In 2017, Binance was forced to shut down its operations in China due to regulatory pressure.
It is possible that Binance is facing similar pressure from Chinese authorities now. If so, it is not clear why the exchange has not yet announced this publicly.
It is also not clear what would happen to users’ funds if Binance did decide to shut down its operations in China again.
The bottom line is that we don’t know for sure if Binance has frozen user accounts in China or not. However, if they have, it is likely because of pressure from Chinese authorities.