Finance Monthly - October 2021

8 Finance Monthly. THE MONTHLY ROUND-UP News You Can’ t Af ford to Mi ss The Mon t h l y Round -Up crypto exchanges closed down or relocated off- shore as China banned such platforms from con- verting legal tender into cryptocurrencies and vice versa. In May of this year, China’s state council an- nounced plans to ban bit- coin trading and mining altogether, despite China once being the largest bit- coin trading and mining centre in the world. Cryptocurrency exchang- es, as well as providers of crypto services, are hur- rying to cut business ties with mainland Chinese clients following Beijing’s blanket ban on all crypto trading and mining. 10 powerful Chinese government bodies, in- cluding the central bank, announced that overseas exchanges were banned from providing services to mainland investors on- line. This had previously been a grey area. Binance and Huobi Glob- al, two of the globe’s larg- est crypto exchanges that are especially popular with Chinese customers, have stopped new reg- istrations of accounts by users in the country. Huo- bi has also promised to clean up existing Chinese customers by the end of 2021. Speaking to Reu- ters, Huobi co-founder Du Jun said: “On the very day we saw the notice, we started to take corrective measures.” On Monday 27 Sep- tember, shares in cryp- to-related firms fell with investment holdings com- pany Huobi Technology plunging 23% and FinTech company OKG Technology dropping 12%. In an announcement to clients, TokenPocket, a popular service provid- er of crypto wallets, said it would be terminating services to mainland Chi- nese customers to avoid violating Chinese policies. The provider said it would actively embrace the new regulations and said it welcomes cooperation from China in blockchain tech. In 2017, many Chinese Cryptocurrency Exchanges Hurriedly Cut Ties with Chinese Users Following Fresh Crackdown