China has shut down 13 underground cryptocurrency-trading apps a year after the world’s second-largest economy outlawed crypto-related transactions, Forkast reported.
Additionally, regulators took down 23 crypto media websites and 440 online accounts promoting cryptocurrencies. Two bank accounts suspected of offering over-the-counter crypto trading were also banned in a sweeping crackdown, led by the Beijing Local Financial Supervision and Administration.
Ou Yi, the Chinese name of crypto exchange OKX, was the first to be shut down by the district court of Chaoyang, one of Beijing’s wealthiest districts, as part of the crackdown. Ou Yi had continued offering trading services to Chinese users in spite of the ban.
However, OKX still generates significant traffic from China and ranks 20th globally by 24-hour trading volume, as per CoinMarketCap. A check by Forkast showed that OKX has remained accessible in mainland China and supported direct purchases of cryptocurrency through the Chinese yuan.
China’s central bank also blocked 10 addresses for downloading crypto-exchange apps, one cryptocurrency-trading app, and 32 crypto-related domain names.
Editing by Deepti Sri
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