China busted 13 Underground Crypto Apps

China busted 13 Underground Crypto Apps

  • China regulators have taken down 23 crypto-media websites 
  • Approximately, 440 online accounts that were promoting cryptocurrencies have also been taken down
  • OKX is ranked 20th globally by 24-hour trading volume

Numerous underground cryptocurrency apps have been disabled in China. After being outlawed for nearly a year, 13 applications for underground trading have been forced to shut down.

According to reports, crypto-related transactions have been declared illegal in China, the world’s second-largest economy. Regulators in China have shut down 440 online accounts and 23 crypto-media websites that were promoting cryptocurrencies.

During the severe crackdown, multiple bank accounts were also prohibited from offering over-the-counter trading. Beijing Local Financial Supervision and Administration carried out this crackdown.

The People’s Court of Chaoyang District shared this information via a blog post on a social media account. Chaoyang is the largest and wealthiest district in Beijing.

Crypto Addresses are Blocked by many

The central bank of China, the People’s Bank of China, has blocked ten addresses that were found to be downloading exchange applications.

It has also blocked 32 cryptocurrency-related domain names and one trading app.

However, no application, website, or blogger has been mentioned in the blog post while discussing the subject. After the Beijing Chaoyang District Court informed the government that there might be exchanges, the entire need to conduct a crackdown followed.

After the ban is announced in September 2021, these cryptocurrency exchanges might still be operating on China’s mainland. As a result, numerous government departments have coordinated their actions. In China, some miners have gone underground.

This follows China’s 2021 ban on cryptocurrency mining and trading. Many media outlets and miners have left mainland China. Additionally, wallet providers and exchanges have left China.

ALSO READ: 12,000 Brazil companies declare crypto holdings

OKX Continues to Draw Traffic 

OKX continues to draw a great deal of traffic from China. According to CoinMarketCap, the cryptocurrency is even ranked 20th globally in terms of the 24-hour trading volume. According to reports, the platform OKX is still accessible in China and has been facilitating cryptocurrency direct purchases using the Chinese Yuan.

In the post, the Chaoyang District Court stated that they became aware of this case in March of this year. They were informed of the Ou Yi exchange, which provided Chinese users with trading services. The exchange OKX goes by the name Ou Yi in Chinese.

It is a platform with roots in China that operates from Seychelles. The central bank of China mentioned that cryptocurrencies are a breeding ground for financial crimes and a source of economic instability.

The Chinese exchange, also known as OKX or Ou Yi, was one of the first platforms to be banned by the Chaoyang district court.

Despite being outlawed by the authorities, Ou Yi was known to have continued providing trading services to Chinese customers. Additionally, the central bank has voiced its concerns regarding individuals who use cryptocurrencies to move money out of the country.

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