Cryptocurrency exchanges and service providers are scrambling to sever ties with their mainland Chinese clients, following Chinese authorities’ recent crackdown.
Already, two of the world’s largest exchanges, Huobi Global and Binance, have halted new account registrations from mainland customers. Huobi added that it would also clean up existing customers by the end of the year. “On the very day we saw the notice, we started to take corrective measures,” said Huobi Group co-founder Du Jun.
Additionally, TokenPocket, a popular crypto wallet service provider, said it would terminate services to mainland Chinese clients. It added that it would “actively embrace” regulation, and welcomes cooperation from China in blockchain technologies. While effacing crypto, China hopes to have the most advanced blockchain technology in the world by 2025.