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China Exits Crypto, Does it Threaten Binance Users? By CoinQuora

by Mike Robinson

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China Exits Crypto, Does it Threaten Binance Users?
  • China prohibits all forms of crypto trading.
  • Binance and other crypto firms followed China’s crypto ban.

China has once more been at the forefront of the crypto-world’s attention. The latest Chinese government announcement banning cryptocurrency transactions caused tension. All citizens of China were made aware that crypto assets cannot be traded in any form. This announcement was shocking and caused a panic in the crypto community.

It is clear that the Chinese residents of the country cannot trade or match orders. Additionally, token issuance and derivative of virtual currencies is prohibited.

Aside from the residents inside China, the People’s Bank of China (PBOC) also stated that exchanges abroad are also restricted. “Overseas virtual currency exchanges that use the internet to offer services to domestic residents are also considered illegal financial activity, PBOC said. ”

In the past month, the Chinese g…

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