China Crypto Ban

Top blockchain and crypto news: Bittrex in SEC line of fire. Bored Apes fall after whale sale. Chinese banks court crypto clients.

China’s blanket ban on cryptocurrency trading can have the country miss critical opportunities for technological development, says former PBOC official.

Tianjin is the latest Chinese city to announce higher differential electricity rates in an effort to further discourage energy-intensive cryptocurrency mining, which the country banned in September 2021 but continues to exist in some pockets. See related article: Beijing banned crypto mining, so China miners went underground  Fast facts See related article: China takes aim […]

Regulators also targeted 23 crypto media websites and 440 bloggers.

The Chinese province of Gansu says that it will “strictly prohibit crypto mining” in the server rooms for China’s mega digital Eastern Data and Western Computing infrastructure project, according to a policy document. See related article: GBA among regions for China’s blockchain-powered data hubs  Fast facts See related article: China’s Zhejiang busts state-owned entities on […]

China’s Ministry of Industry and Information Technology (MIIT) claimed on Tuesday in a news conference that the country accounted for more than 84 percent of the world’s blockchain patent applications, despite the country’s ban on cryptocurrencies. See related article: Ant Group and Tencent obtain the most blockchain patents in China: report Fast facts See related […]

In a decision involving Litecoin, a Chinese court says there are no rules ‘that negate the protectability of cryptocurrency itself as virtual property.’

China should issue a digital yuan-collateral stablecoin to establish an on-chain payment system for China’s metaverse, as the infrastructure developed by China itself is the key to ensuring national security, said influential academic Zhang Ping of the Chinese Academy of Engineering, an institution providing policy consultation to the Chinese State Council. See related article: Naver’s […]

Nearly a year after China banned crypto trading and mining, the director of the Technology Supervision Bureau at Chinaøs Securities Regulatory Commission has published a book discussing Web 3.0 and blockchain technology. See related article: Shanghai turns to metaverse, NFTs to counter lockdown economic fallout Fast facts Yao Qian’s book “Web 3.0: Changes and Challenges […]

Its operations in mainland China are continuing as normal.

Top blockchain and crypto news: Binance spurns WazirX amid India probe. BlackRock bets on Coinbase. Crypto influencers in China’s crosshairs.

China has shut down nearly 13,000 accounts advocating cryptocurrency investments on popular Chinese social media platforms this year, deleted 51,000 related posts and closed 105 websites offering crypto-related information, the Cyberspace Administration of China (CAC) announced on Tuesday. See related article: Tencent to cut domestic NFT marketplace team, look overseas: report Fast facts See related […]

Cryptocurrency is a huge Ponzi scheme, Blockchain-based Service Network (BSN) — the developer behind China’s state-backed blockchain infrastructure — said on Sunday.  See related article: China’s BSN to launch overseas public chain without crypto support Fast facts Crypto is an old hoax in a new form, Zhiguang Shan, chair of BSN Development Alliance, and Yifan […]

Three financial regulators in Shenzhen said they would “prevent further risks” in crypto trading, while warning that cryptocurrencies and related businesses are illegal in the mainland.  See related article: Law can’t cover crypto losses, China court reiterates Fast facts See related article: Why domestic and overseas Chinese should worry about China’s crypto ban

Another Chinese province has introduced higher retroactive electricity charges for cryptocurrency mining projects when they are discovered, a form of financial penalty on the banned activity. See related article: China seizes over 3,500 Bitcoin mining rigs, hikes electricity rates Fast facts The Guizhou Provincial Development and Reform Commission on Monday said any uncovered cryptocurrency mining […]

Chinese authorities have fined a hydropower plant in Central China’s Hubei province 43,493 yuan (US$6,528) for “illegally supplying electricity to virtual currency mining operations,” as the country continues to crack down on cryptocurrency operations. See related article: Beijing banned crypto mining, so China miners went underground Fast facts In addition to the fine, the authorities […]

Authorities and Bitcoin miners play a cat-and-mouse game as miners find means to stay off the government radar and dodge crackdowns.

A deputy warden of Russia’s oldest prison has allegedly mined cryptocurrency in the facility and is under investigation on suspicion of stealing electricity to do so, Bitcoin.com reported on Monday. See related article: To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising Fast facts The deputy manager of Butyrskaya prison in central Moscow […]

Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.

The 2021 Bitcoin mining exodus has left underground miners thriving to push China’s hashrate share near to the top, new study finds.

Chinese state-backed publication Economic Daily cited LUNA and UST’s crash to state cryptocurrencies “once again, proved its own risks and that it is a bubble” amid the Federal Reserve’s rate hike. See related article: Chinese runners offer substitute running to earn StepN’s GMT for commission Fast facts See related article: Tax authorities in China jump […]

Top blockchain and crypto news: Otherdeeds debacle stings with gas fee spike. Algorand scores World Cup deal. Will China be forced to embrace Bitcoin?

Anthony Scaramucci, founder of investment firm SkyBridge Capital and former White House communications director, says governments such as those in China and the US will inevitably allow for people to own and trade cryptocurrencies.

Bilibili, a video streaming platform popular with China’s Generation Z, Thursday announced a batch of Ethereum-based non-fungible tokens (NFTs) for sale overseas. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts Bilibili said the NFTs will be a series of auto-generated characters with different features such as faces, clothes, skin […]

The provinces of Guangdong, Heilongjiang, and Shanxi announced Bitcoin mining equipment seizures and other measures to phase out operations that have survived waves of crackdowns that followed the September crypto ban. See related article: China takes aim at corruption in underground Bitcoin mines Fast facts See related article: Bitcoin miners unwelcome in Hangzhou despite targeted […]

China’s anti-graft watchdog has warned that authorities are keeping a close eye on possible corruption behind underground cryptocurrency mining that persists even after the government banned the sector.  See related article: China ousts former official for supporting crypto mining, corruption Fast facts The Central Commission for Discipline Inspection (CCDI) of the Chinese Communist Party said […]

China’s state-backed Blockchain-based Service Network (BSN) has announced the addition of “Zhong Yi Chain,” developed by telecommunications giant China Mobile, to its open permissioned blockchain ecosystem to bolster the growth of home-grown non-fungible tokens (NFTs). See related article: BSN to integrate CasperLabs’ chain to support NFT issuance in China Fast facts The new chain serves […]

Chinese authorities cracked down on crypto related crimes on Consumer Rights Day. Meanwhile in Kazakhstan, the former President’s brother was busted for illegal crypto mining operations.

No more Burger King, Nike and Muji. This year’s annual focus on marketplace abuse names and shames crypto scams.

Local authorities have seized 1,106 mining rigs from two cities in China’s southeastern province of Guangdong.  See related article: China customs seizes 49 second-hand crypto mining rigs for export Fast facts The Guangdong Provincial Development and Reform Commission announced on Tuesday that it had uncovered a mining farm in Guangzhou disguised as electric vehicle (EV) […]

Top blockchain and crypto news: Digital currency battling Russian invasion. Ethereum remains NFT projects’ chain of choice. China to lock up crypto traders.

China’s Supreme Court specified cryptocurrency trading as a means of illegal fundraising in its latest judicial interpretation of criminal law released on Thursday, the first time in the country’s history.  See related article: Court in China says trading in cryptocurrency ‘not protected by law’ Fast facts A judicial interpretation is the Supreme People’s Court’s official […]

The crypto market tanks after Russian President Vladimir Putin announces a military operation in Ukraine. Meanwhile, Japan’s biggest financial group closes it’s blockchain payment venture.

A new electricity rate hike for crypto miners in China’s southeastern province Zhejiang is a penalty, not a green light, province capital Hangzhou authorities said, the China Times reported on Wednesday.  See related article: China’s Zhejiang province busts dozens of state-owned entities for mining crypto Fast facts Zhejiang Province announced this month that it would […]

The high court of China’s southeastern Guangdong province has ruled cryptocurrency investment activities are not protected by law, further clarifying that crypto is not a legitimate currency in the mainland.  See related article: China customs seizes 49 second-hand crypto mining rigs for export Fast facts The Guangdong high court on Tuesday listed a crypto-related virtual […]

Dongguan customs in China’s southeast seized 49 second-hand Ant miners declared “shoe material” for export, at least the third seizure in February, state media reported on Monday.  See related article: Kazakhstan busts 13 illegal Bitcoin mining farms amid power concerns Fast facts See related article: China to ‘outdate’ crypto mining industry with more restrictions

Bitcoin’s hashrate reached an all-time high over the weekend, despite many miners being forced to move operations out of Kazakhstan. Fast facts The total Bitcoin hashrate surged by 31.7% to an all-time high of 248.11 exahashes per second in raw values on Saturday, according to data from Blockchain.com. The latest hashrate read at 209.63 EH/s […]

Political chaos and power shortages are causing miners to flee a nation that only recently became the world’s second-largest Bitcoin producer.

BIT Mining’s Ohio mining site has achieved about 50 megawatts of power capacity in the midst of its U.S. expansion, the crypto miner announced on Tuesday. Fast facts BIT Mining’s Ohio data center will continue scaling for a planned capacity of up to 150 MW. The site currently conducts self-mining operations while hosting third-party miners. […]

The total number of legal judgments involving crypto-related crime in China slightly dipped in 2021 to 5,137 cases, as the nationwide clampdown continues, according to a research report.  Fast facts China’s legal system published 5,170 judgments in 2020, a significant leap from 3,474 in 2019, Chinese blockchain data tracker Zhongke Lianan found in its report. […]

Xiamen University of southeast China is warning its staff and students to not use Norton 360 antivirus software for its Ether mining function, citing the nation’s crypto mining ban policy. Fast facts

A Chinese state-backed blockchain network plans to launch non-fungible token (NFT) infrastructure that has no link to cryptocurrency by the end of this month, one of its creators told Forkast. Fast facts He Yifan, CEO of Red Date Technology, a developer of the Blockchain-based Service Network (BSN), a project to spur mass adoption of blockchain […]

Internet blackouts are partially restored but access remains unpredictable to support full crypto mining, industry players say.

China’s top economic planning body has officially designated crypto mining as “obsolete,” reinforcing government efforts to stamp out the industry entirely.  Fast facts

Chinese cryptocurrency mining rig maker Canaan announced Tuesday that it has entered into multiple partnerships in Kazakhstan and deployed over 10,000 mining machines in the country, as the company steps up efforts to expand globally. Fast facts Canaan said in a statement it has successfully launched the last batch of mining machines online under its […]

The Chinese government published a draft regulation on Dec. 31 stating that no organization or individual is allowed to provide internet marketing for illegal financial activities, which include cryptocurrency transactions. Fast facts The regulation, drafted by the People’s Bank of China — China’s central bank — and other Chinese government institutions stipulates that any organization or […]

Countries acted to encourage — or discourage — cryptocurrency and other blockchain-based assets, sending markets wildly up and down.

From China’s ban to FATF’s travel rule, crypto regulations have been top of mind this year. How might regulatory impulses and current trends play out?

In a contract dispute case, a Beijing court in Chaoyang district on Wednesday ruled a legal arrangement for Bitcoin mining to be invalid, signaling how China’s legal system may view future crypto-related disputes. Fast facts In May 2019, the plaintiff, Fengfu Jiuxin company, signed purchases and services contracts with blockchain technology company Zhongyan Zhichuang, with the latter […]

While China continues to stamp out cryptocurrency mining, the mining rig producers continue raking in the deals. The latest: Canaan, a Chinese crypto mining rig maker, has secured a follow-on contract from Genesis Digital Assets for 30,000 units of Avalon Bitcoin mining machines, with another 150,000 units to be executed. Fast facts Back in August, […]

An internet authority in East China’s Zhejiang province has identified in July 4,699 IP addresses in the province that were involved with cryptocurrency mining, and among them 183 addresses were related to 78 state-owned entities, according to a Tuesday article published on the website of China’s Central Commission for Discipline Inspection (CCDI), the country’s anti-corruption […]

The energy authority in Southwest China’s Yunnan province said it has eliminated the illegal power supply from small and midsize hydropower stations to Bitcoin mining, as China continues to intensify its clampdown on crypto mining. Fast facts In a Friday post on Weibo, China’s Twitter-like microblogging platform, the Yunnan authority said as of the end […]

Bitcoin’s hashrate has almost fully recovered just six months after China’s crypto ban sent miners fleeing to more hospitable shores. Fast facts Despite the recent price crash, the total Bitcoin hashrate stood at 180.5 million terahashes per second, almost approaching its all-time high of 180.67 million TH/s back in May, according to data from Blockchain.com. The hashrate took […]

On top of China, authorities in Russia and Ukraine are busting underground miners, while U.S. Senator Elizabeth Warren presses a New York miner.

Qihoo 360, a Chinese internet company best known for its antivirus software programs, has built a system that could help the Chinese government track cryptocurrency mining activities, as the country continues to crack down on the sector. Fast facts Qihoo 360 said in a Tuesday statement that it detected 109,000 active mining IP addresses on […]

Huobi Group, which operates Chinese cryptocurrency exchange Huobi Global, has decided to set up a regional hub in Singapore, a representative of company has told Forkast.News. Fast facts In November, Huobi Global pledged to stop offering services to Singapore-based users from March 31, 2022, to comply with local laws, according to a company statement. Huobi […]

Xive co-founder tells Forkast.News no mining is possible in the south, while other regions still survive.

More provinces in China are taking serious actions to crack down on crypto mining following the all-out ban announced on Sept. 24 by the country’s top authorities. Fast facts Southeast China’s Fujian provincial development and reform commission on Friday held a video conference meeting with local authorities to clarify their responsibilities and pledged to “clear […]

Chinese cryptocurrency mining rig maker Canaan doesn’t seem to shy away from running its own mining business in Kazakhstan despite a power shortage situation in the Central Asian nation, which has become a popular destination for Chinese miners amid China’s clampdown on the sector. Fast facts Canaan announced today it has started joint mining operations […]

A few more Chinese cryptocurrency news sites are currently unavailable amid the country’s ongoing clampdown on the sector. Fast facts The website of ChainNews, one of China’s largest crypto news websites, was not available as of press time on Thursday. It tweeted on Nov. 15 that the site will be down for eight to 10 […]

Bit Digital, a Nasdaq-listed Bitcoin mining company headquartered in New York that had significant operations in China, said in its latest Q3 update that the exit of its mining fleet from China is now complete, with all of its miners having arrived in North America. Fast facts Bit Digital said it started the migration back in […]

China’s mining exodus has flowed to the cowboy state that embraces crypto, but it might have to take into consideration the surging power loads.

China may be banning crypto mining activities, but rig makers appear to be spared from the clampdown.

China has yet again reiterated its determination to crack down on the cryptocurrency mining sector and revealed today that authorities will focus on state-owned entities engaging in virtual currency mining. Fast facts Wei Meng, a spokesperson of the National Development and Reform Commission (NDRC), the country’s top economic planner, said at a press briefing today […]

As crypto projects are relocating from China to friendlier shores, it represents ‘huge opportunity’ for Taiwan.

A former Chinese official has been expelled from the Communist Party of China for “serious violations of discipline and law” as he was found to introduce and support cryptocurrency mining activities, in what may be the first time for China’s anti-graft watchdog to expel an official over crypto mining. Fast facts The country’s anti-corruption watchdog […]

Canaan is seeking $14 million in alleged losses from Shenzhen HighSharp Electronic Technology and Sichuan Yinbimei Technology.

Top blockchain and crypto news: Stablecoins at regulatory crossroads. Squid Game crypto players suffer shocking fate. Are metaverses China’s new national insecurity?

Ant Group and Tencent recently rebranded NFT projects as digital collectibles amid China state media criticism.

More local governments in China are taking actions to crack down on cryptocurrency mining and trading, with Ganzhou, a prefecture-level city in the eastern province of Jiangxi, having deployed checks and inspections on local businesses. Fast facts The economic development zone in Ganzhou announced that it is working with the central bank’s local branch, the […]

Red Date Technology, the company China tapped to manage its Blockchain-based Service Network (BSN), said today it plans to fully launch an infrastructure for non-fungible tokens (NFTs) by the end of January 2022. Fast facts Red Date revealed on Friday an NFT infrastructure plan — BSN-Distributed Digital Certificate (DDC) — at its BSN Open Permissioned […]

Behind this year’s giddy markets, evil and tragedies abound. Just in time for Halloween, Forkast.News shakes out the skeletons in crypto’s closet.