Crypto Exchanges Stop Signing Up Chinese Users Following China’s Ban On Trading

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Major crypto exchanges have stopped signing up Chinese users in their platform in the wake of China’s blanket ban on their trading.

Seychelles-based cryptocurrency exchange Huobi said that it has ceased account registration for new users in China from September 24.

“Huobi Global has always been dedicated to offering digital asset trading services and ensuring the safety of customer assets while following all applicable laws," said the company, in a statement. "We apologize for any inconvenience caused and thank you for your understanding and support!"

The exchange is also retiring its existing Chinese users by the end of this year

Another major crypto exchange Binance has also stopped new Chinese users from registering on its platform. The exchange has also made the app unavailable in mainland China

On September 24, China declared all cryptocurrency transactions illegal, causing a big slump in the price of Bitcoin and others.

The People's Bank of China's statement said that digital currency is “disrupting the economic and financial order” and also breeding “illegal and criminals activities.”

Related: Why Crypto Is Under Pressure on Friday

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