China has shut down many underground cryptocurrency apps. A total of 13 trading apps have closed after the country issued a ban for almost a year.
As suggested in reports, China, which is the world’s second-largest economy, has called cryptocurrency-related transactions illegal.
The regulators of China have taken down 23 cryptocurrency media sites and 440 online accounts that are advertising cryptocurrencies.
Many bank accounts were also banned from providing informal transactions during the tense crackdown. The crackdown was carried out by the Beijing Local Financial Supervision and Regulatory Bureau.
This information was provided through a social media post shared by the Chaoyang District People’s Court, Beijing’s largest and most developed district.
Ou Yi is the name of the Chinese exchange, also known as OKX, which was one of the first to face an injunction by the Chaoyang District Court.
Ou Yi is known to have continued to provide trading services to Chinese users despite being banned by the authorities.
Multiple crypto addresses blocked
The People’s Bank of China blocked 10 addresses detected downloading trading apps. The unit has also blocked a trading app and 32 cryptocurrency-related domains.
However, the blog post didn’t mention the name of any app, website, or blogger. These cryptocurrency exchanges may still operate in China after the announcement of the ban in September 2021. Some miners still operate underground in the country.
This led to a coordinated crackdown between various government agencies. This comes after China banned cryptocurrency trading and mining in 2021.
Many mining and media companies have moved out of mainland China. Exchanges and wallet providers have also moved out of China.
OKX continues to attract a lot of visits
OKX is still raking in significant traffic from China and is even ranked 20th globally by 24-hour trading volume, according to CoinMarketCap.
It is known that the OKX platform is still accessible in China and already supports direct purchases of cryptocurrencies in the Chinese Yuan.
The Chaoyang District Court said in the post that the case was notified by them in March this year.
It is a platform that operates from Seychelles but originated in China. China’s central bank has mentioned that cryptocurrencies have been creating economic problems such as instability and also being a bustling place for financial crime.
The Central Bank has also addressed its concerns about people using cryptocurrencies to move their money out of the country.