Heavy regulatory blow! On March 8, Bitcoin trading took a big step towards "de-Sinicization"

On September 4, 2017, after seven ministries and commissions boycotted digital currency transactions and defined ICO behavior, strong domestic regulation has actually begun.

However, since the domestic ICO has not disappeared since September, it has even intensified. There are even rumors that China may cancel the regulation, and even rumors of "legalizing" digital currency exchanges. However, once something has been determined, basically there is only one way to go, which is to strengthen supervision.

On the afternoon of March 8, a statement appeared:

[China Securities Network: Cancelling the ban on virtual currency trading is inconsistent with the facts, and the cleanup work is continuing to advance in an orderly manner] Recently, there have been rumors that central bank officials from Shanghai and Beijing have begun to investigate virtual currency trading venues and are likely to cancel the ban on virtual currency trading. The reporter verified with a staff member of the Internet financial risk special rectification that the relevant report is inconsistent with the facts. At present, the Internet financial risk special rectification leading groups in various places are actively carrying out relevant cleanup and rectification work under the unified deployment of the National Internet Financial Risk Special Rectification Leading Group, and this work is continuing to advance in an orderly manner.

After the regulators restated their statement, they quickly took action. After all, “actively carrying out relevant cleanup and rectification work” did not sound like a joke.

By the evening of March 8, many trading platform websites had blocked Chinese users:

First is the largest platform Binance.

Next is the second largest platform Bitfinex:

The second is the well-known domestic platform gate:

Many platforms have also begun to "not accept Chinese users", which can be said to be a heavy blow from the regulator. As Binance co-founder He Yi said in the communication group: "If the regulator does not allow it, just block it quickly. It doesn't matter if it is closed sooner or later. Those that have not been closed yet are just holding on. They will be closed sooner or later."

It is foreseeable that after regular trading platforms gradually withdraw from China, many illegal and irregular trading platforms will emerge. I hope that investors will keep their eyes open to prevent being deceived.