Binance Banned in China – Giant Cryptocurrency exchange platform, Binance has been banned in China. Binance has joined the list of websites blocked behind the country’s “great firewall”.
On July 8, many Binance users learned that the website was banned in China. According to report, the exchange’s mobile app is also inaccessible due to backend API calls being blocked. The country’s “great firewall” now blocks users from accessing the cryptocurrency exchange, meaning it can only be visited with the help of a virtual private network (VPN) service.
But notably, Binance’s competitors such as Huobi and OKEx are still present in China. Keyword search for building crypto-currency exchanges and other popular Chinese Internet services were included in the black list in early June. The Binance ban comes as part of China’s massive crypto crackdown, which includes eliminating the country’s entire Bitcoin mining industry last month.
Binance is also facing serious regulatory scrutiny around the world.
The world’s largest exchange was originally based in China , but later had to move abroad due to the 2017 crypto ban. Binance is also facing serious regulatory scrutiny around the world. Multiple UK banks blocked payments to the trading platform earlier this week. It remains unclear how long this situation will last.
The leading cryptocurrency Bitcoin is trading at $33,000 with minor decreases as at the time of publishing this report. The king of cryptocurrencies currently has a market cap of $619 billion. Bitcoin manages a recent 24-hour trading volume of $28.4 billion at the time of writing.