Friday, July 19, 2024

Crypto Exchanges Scrambling to Deal With Chinese Ban

Cryptocurrency exchanges are scrambling to deal with the fallout of China’s recent ban on all crypto transactions and mining.

China stepped up its war against crypto, announcing a near total ban just days ago. With all transactions and mining banned, it creates real problems for the crypto industry since the vast majority of mining occurs within the country.

According to Reuters, crypto exchanges are trying to cut ties with Chinese users, lest they get caught up in China’s campaign.

“On the very day we saw the notice, we started to take corrective measures,” Du Jun, Huobi Group co-founder told Reuters.

It remains to be seen how widespread the fallout will be, but the action being taken by the exchanges would seem to indicate it could be significant.

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