China has banned cryptocurrency services in the country and companies are making it harder for crypto entities to operate
China’s leading messaging platform, WeChat, appears to have censored searches relating to cryptocurrency exchanges Binance and Huobi. This latest development comes as the Chinese government recently increased its crackdown on Bitcoin and other cryptocurrencies.
According to the latest CoinDesk report, searches in English and Chinese for Huobi and Binance are not processed. Rather, the messaging platform tells its users that there are no more results for the items they are searching for. However, existing articles related to Binance and Huobi are still available to users on the WeChat platform.
The Chinese government increased its crackdown on cryptocurrency activities in recent months. The People’s Bank of China (PBoC) recently banned all cryptocurrency transactions and activities in China. As a result, numerous crypto-related entities have been shutting down their operations and relocating to other parts of the world.
The Chinese government is currently seeking to prosecute cryptocurrency service providers still operating in China. This would make it even tougher for crypto companies to continue to operate in the Asian country.
Yesterday, crypto exchange Binance announced that it would stop Chinese yuan trading for its peer-to-peer platform by the end of the year. Binance maintained that while it hasn’t been active in China since 2017, its P2P platform was available to Chinese users.
The past few weeks have seen numerous cryptocurrency entities shut down their operations in China. Crypto exchanges Huobi, BitMart and Biki all announced their exit from China and are no longer accepting new users from the country.
Furthermore, Alibaba said it would stop the sales of cryptocurrency mining equipment on its e-commerce platforms following the recent bans. Bitmain, the world’s largest cryptocurrency mining machine manufacturer, also said it would no longer ship its equipment to mainland China.
Despite China’s crackdown on cryptocurrency activities, the crypto market has been performing excellently since the start of the month. Bitcoin is up by more than 20% over the past two weeks and is trading above the $57,000 level. It could surge higher in the coming days and possibly move past the $60,000 level soon.