Binance, the world’s largest cryptocurrency exchange by trading volume, has been “banned” in China, according to a leaked memo from the country’s internet finance regulator.
The document, which was circulating on Chinese social media on Friday, appears to be an internal notice from the Leading Group of Internet Financial Risks Remediation requiring all local payment service providers and online platforms to “immediately stop providing account functions” to the crypto exchange.
While the veracity of the document cannot be independently confirmed, it nonetheless sent shockwaves through the crypto community in China, with many speculating that a full-blown crackdown on cryptocurrency trading in the country is imminent.
NOTE: WARNING: It is not currently known whether Binance is banned in China. There has been speculation that Chinese authorities may have blocked access to Binance, but this has not been officially confirmed. Please exercise caution if you are considering using Binance in China and ensure that you are aware of all relevant local laws and regulations.
Binance has not responded to requests for comment.
If true, this would mark a major reversal in China’s stance on cryptocurrencies. Just last month, Chinese President Xi Jinping gave his endorsement of blockchain technology, calling it “crucial” for the country’s future development.
The about-face would also be in line with recent reports that Beijing is ramping up its efforts to crack down on cryptocurrency trading. Earlier this week, state-run news outlet Xinhua reported that police in the city of Tianjin have arrested 27 people for allegedly running a $1 billion crypto scam.
And on Thursday, Bloomberg reported that China is considering curbing power usage by bitcoin miners as part of its broader effort to crack down on cryptocurrency mining.
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Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is no longer accessible in China. The website was blocked on Wednesday morning, with users in the country reporting that they were unable to access it. The reason for the ban is not yet clear, but it comes amid a crackdown on cryptocurrency trading in China.
Binance is the world’s largest cryptocurrency exchange by trading volume. It was founded in 2017, and its headquarters are in Malta. Binance is a centralized exchange, which means that it allows users to buy and sell cryptocurrencies with each other.
Binance, the world’s largest cryptocurrency exchange by trading volume, is not currently available in China. However, that could soon change as the exchange is reportedly planning to launch a new Chinese-focused platform. Binance was founded in 2017 and quickly rose to prominence as one of the leading cryptocurrency exchanges.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is no longer accessible to users in China. The website of the exchange now displays a message informing users that “Binance is currently not available in your country.”
The ban appears to be part of a wider crackdown on cryptocurrency trading by the Chinese government. Earlier this week, reports emerged that Chinese authorities were planning to block domestic access to overseas cryptocurrency exchanges and ICO websites.
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