Crypto platforms begin cutting off Chinese users after government declares transactions illegal

Cryptocurrency exchanges have begun cutting off their platforms to Chinese users after the country announced an aggressive crackdown on the digital assets last week.

Trading company Binance announced that it is no longer accepting new account registrations originating from mainland China. The company’s domain has been blocked in China for years, although it is also now barring registrations from Chinese cellphone numbers, according to Business Insider.

“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate,” a Binance spokesperson said.

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