China ban crypto

China Government Bans Crypto Marketing, Shutting Down Top Crypto Media

China ban crypto
China’s government summoned top crypto media to cease operation. It has stepped up efforts to ban the marketing of cryptocurrencies. For now, ChainNews, BlockBeats, and ODaily are not available to reach online.

The authority demands ChainNews, BlockBeats, and ODaily to cease operations immediately, according to a veteran Bitcoin investor posted on Weibo.

Websites of ChainNews, ODaily, and BlockBeats are unavailable to reach.

ChainNews told ABMedia that the media will continue to run, with technical staff handling the internet service issue.

This September, China implemented a further crypto ban, after banning banks from providing money transfer services to crypto-related activities. The government announced that companies providing marketing services to offshore crypto exchanges will be held accountable with the law.

China Government Targeting Metaverse, Blockchain Hype?

In early November, Xinhua News reported that there are still websites that “advocate or promote cryptocurrencies”, and these related activities are illegal.

Xinhua said these media promote cryptocurrencies with the metaverse hype, publishing articles, tutorials, organizing events for crypto projects overseas. Also, the promotion activities include publishing columns by veteran crypto investors.

“As long as the website recommends cryptocurrency, it can be regarded as a violation,” Xinhua reports citing a law expert.

This week, China’s Development and Reform Commission stated that it requires all local governments to crack down on crypto mining activities. State media recently discovered that mainland officials used state-owned facilities and equipment to mine crypto.

Earlier, the government found that Xiao Yi, a top official in China’s Jiangxi Province, violated the country’s law. He abused his power to introduce and support enterprises to engage in crypto mining activities. Xiao reportedly received more than 8,000 bitcoins in bribes.

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