Chinese Regulators Are Serious About Crypto Ban This Time

Popular offshore exchange to close Chinese accounts by January
Owners in limbo after transaction ban, end of legal protection

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WATCH: The People’s Bank of China said all crypto-related transactions are illegal and must be banned. Joanna Ossinger reports.(Source: Bloomberg)

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By Joanna Ossinger and Zheping Huang

September 26, 2021 at 9:00 AM UTC

Updated on

September 27, 2021 at 12:35 AM UTC

This article is for subscribers only.

Chinese officials have taken steps for months to crack down on cryptocurrencies, with mixed effects. On Friday, they tried to erase any doubts about their intentions.

In statements that were the most extreme and unequivocal so far, authorities on Sept. 24 said crypto transactions in China are banned and they will root out mining of digital assets. Almost immediately, the popular offshore exchange Huobi stopped allowing new users to register with a mainland China phone number and in a statement Sunday said it would “gradually retire existing mainland China user accounts” by Dec. 31.

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