Crypto Exchanges Stop Taking China Users as Beijing Widens Ban

China's central bank and nine regulatory agencies have declared all crypto-related transactions as illicit, targeting offshore exchanges and banning local hiring for various roles. This has led major crypto exchanges like Binance and Huobi to halt new registrations for Chinese users. Despite the crackdown, the crypto market showed resilience with Bitcoin and Ethereum rebounding in value. Observers note this move as a significant challenge for cryptocurrencies, marking another chapter in China's ongoing regulatory stance.

What did China's central bank and regulatory agencies declare about crypto-related transactions?

• They are encouraged for investment.

• They are considered illicit activities.

• They are to be taxed heavily.

• They are considered legal.

Which major crypto exchanges have halted new registrations for Chinese users?

• Binance and Huobi

• Bittrex and Poloniex

• Coinbase and Kraken

• Gemini and Bitfinex

What action did Binance take in response to the new regulations?

• Blocked Chinese IPs

• Opened new offices in China

• Started accepting Chinese Yuan

• Increased marketing in China

How did Bitcoin's price react in the 24 hours following the regulatory announcement?

• It surged by 20%

• It rebounded by more than 1.5%

• It remained stable

• It dropped by 10%

What was the percentage increase in Ethereum's price following the announcement?

• 3.5%

• 5.5%

• 7%

• 2%