Crypto Exchanges Stop Taking China Users as Beijing Widens Ban

China's central bank and nine regulatory agencies have declared all crypto-related transactions as illicit, targeting offshore exchanges and banning local hiring for various roles. This has led major crypto exchanges like Binance and Huobi to halt new registrations for Chinese users. Despite the crackdown, the crypto market showed resilience with Bitcoin and Ethereum rebounding in value. Observers note this move as a significant challenge for cryptocurrencies, marking another chapter in China's ongoing regulatory stance.

What was the main message released by the central bank and regulatory agencies regarding crypto transactions?

How are offshore exchanges specifically affected by the new regulations targeting Chinese users?

What specific actions are being taken by major crypto exchanges in response to the new regulations?

What impact did the recent regulatory announcements have on the trading of Bitcoin and Ethereum?

What do observers say about the seriousness of the latest missive from China compared to previous ones?