Cryptocurrency bans in China and the consequences

Cryptocurrency bans in China are getting tougher every day. It all started with warning the public to stay away from cryptocurrency transactions by crypto signals. As a result, many exchanges have stopped serving their customers in China. Then came the bans on bitcoin mining. Many large bitcoin miners have ceased their activities and started looking for new directions with the SafeTrading team. Yesterday, the central bank of China suspended the activities of a software company. The point is to provide cryptocurrency trading software.

China continues to put pressure on cryptocurrency business and mining. So what happens if you, as a citizen, individually access a cryptocurrency exchange in China in such an environment? Police are looking for people with access to the cryptocurrency exchange, according to new reports. Police are warning wanted citizens of the risks associated with cryptocurrency trading.

According to Wu Blockchain, one of China’s largest news agencies, the police searched citizens of Sichuan Province (Sichuan) trying to access their Binance accounts. There are reportedly no threats in this search. However, the police say that the authorities will not be able to help in any way due to the loss of money due to crypto transactions.

Wu Blockchain (@WuBlockchain) announced this event on his Twitter account:

In parts of Sichuan, China, some investors were searched by the police as soon as they logged into their Binance accounts. Despite this, the police only warned of the risks and said they would not accept applications from citizens in the event of any losses.

Cryptocurrency bans in China and the consequences.

China is known for frequently issuing new bans and warnings on cryptocurrency transactions in recent years. The result is new and stricter bans on the cryptocurrency business. More recently, China’s central bank warned businesses not to transact with cryptocurrencies. Many people think these bans are related to China’s recent launch of its own national digital currency.

CNBC: Tether (USDT) is a big risk for the markets!

Tether (USDT) is the third largest cryptocurrency with a market size of $ 62.3 billion at the time of writing. However, when we look at the cryptocurrency rankings by transaction volume, we see that Tether comes first. Tether’s transaction volume has nearly doubled Bitcoin in the last 24 hours. The order of crypto signals is as follows:

• Tether: $ 55.4 billion.
• Bitcoin: $ 28.76 billion.
• Ethereum: $ 24.34 billion.

The data above shows that Tether is the most used cryptocurrency on the market – ana;ysts of SafeTrading.