Cryptocurrency Exchanges Face China Blockade... Bitcoin Hits $31,000 Intraday (Comprehensive)

Exchanges Related to China Begin Restricting Services for Some Chinese Users
Bitcoin and Other Cryptocurrencies See Widening Declines

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] After the Chinese government declared its intention to crack down on Bitcoin mining and trading, major exchanges Huobi and OKX have started blocking transactions for Chinese users. Following this news, Bitcoin plunged intraday to the $31,100 level, widening its losses.

Cryptocurrency specialized media Decrypt reported on the 23rd (local time) that Huobi has suspended cryptocurrency derivatives trading for certain market customers.

Decrypt noted that although Huobi did not explicitly mention China, the only country where trading restrictions would apply is China.

Huobi also announced that its mining-related subsidiary, Huobi Pool, will prohibit Chinese customers from trading and storing coins.

OKX likewise stated that it plans to temporarily suspend OKB coin trading for Chinese customers.

According to Decrypt, OKB has plummeted by 67% over the past week. Huobi Token also dropped sharply by 63%.

Since the Chinese authorities banned cryptocurrency exchanges within China in 2017, Huobi and OKX have operated only overseas. Even after relocating their headquarters abroad, many Chinese users have continued to use these services to trade cryptocurrencies.

The moves by Huobi and OKX came after Chinese authorities declared on the 21st their intention to crack down on Bitcoin mining and trading.

After news of the exchanges blocking Chinese customers was announced that day, Bitcoin prices plunged 16% intraday to $31,100. Bitcoin has since been trading around the $33,000 level.

This content was produced with the assistance of AI translation services.