A Sept. 24 directive from the Chinese government prompted crypto companies worldwide to stop serving mainland Chinese users. Huobi and Binance stopped new registrations for mainland Chinese customers. Alibaba said it will bar sales of mining equipment next month. Mining pool F2Pool stopped servicing mainland Chinese users.
The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Sept. 21 to Sept. 28.
Crypto companies exit China
- China’s central bank and eight other government agencies jointly issued a directive on Sept. 24 to prohibit overseas crypto exchanges from providing services to mainland Chinese users. At least 13 institutions with crypto trading businesses have announced plans to cut ties with mainland Chinese customers after the directive. Two major exchanges, Huobi and Binance, had already halted new registrations for mainland Chinese customers. (China Star Market, in Chinese)
- Alibaba announced on Monday that it will prohibit the sale of crypto mining equipment and related tutorials and software, effective from Oct. 8. The announcement is a reaction to Chinese government agencies’ further notice of the crackdown on crypto trading on Sept. 24. (Alibaba)
- On Tuesday, Chinese journalist Colin Wu reported that market data websites with crypto information such as Coinmarketcap, Coingecko, and Tradingview have stopped providing services to IP addresses coming from mainland China. (Wu Blockchain)
- Crypto mining pool F2Pool said it will no longer provide services to Chinese customers. The company said in a new user agreement that it reserves the right to restrict or cancel the account should it come from China. Founded in 2013 in Beijing, F2Pool is one of China’s longest-running Bitcoin mining pools. (China Star Market, in Chinese)
1,400 blockchain companies
A deputy director at China’s Ministry of Industry and Information Technology said on Monday that China has more than 1,400 blockchain companies and has established a relatively complete supply chain in the sector. (Securities Times, in Chinese)