Chinese central bank issues warning against all crypto exchanges available for China’s citizens : FUD

The People’s Bank of China again issued a warning against the crypto services available for Chinese citizens and mining operations.

In may 2021, China announced a national crypto ban. After that the market crashed by a big fraction. But now again China is showing its influence on the crypto market through its announcement of a crypto ban. 

Read also: China Toward national Crypto Mining Ban

On 24 September, The Chinese central bank issued a statement and said that all the crypto exchanges which are allowing crypto trading involving the exchange of fiat Yuan with crypto or crypto to crypto will be recognised as illegal activities. 

Through the statement, the Central bank of China targeted Binance, OKex & Huobi like exchanges which are giving their services to China users.

Further notice of the PBOC added that all kinds of derivative services which are provided by the overseas crypto exchanges will be considered as illegal activities. 

After this statement of PBOC, Another statement issued by the National Development and Reformation Commission this month came into light, which was issued to warn all the people who were still involved in the crypto mining operations even under crypto ban law. 

Impact of this news

After the statement issued by the PBOC, Bitcoin crashed by more than $2,000 along with other crypto assets significantly. 

Read also: Institutions choosing Ethereum over Bitcoin : JpMorgan