News

Chinese crypto media outlets shut down as crackdown persists

china crypto media outlets banner image

Chinese cryptocurrency news outlets ChainNews and Odaily have gone dark on November 15 and 17 respectively in what seems to be the work of the government crackdown on cryptocurrency. Block123, another information platform, could not be accessed as well.

ChainNews published a tweet last Monday, saying that the platform would be shut down to make way for site maintenance that would last for 8-10 hours. However, readers were no longer able to access the platform in the succeeding days. 

By Wednesday, Odaily also went dark, stating that it would also be undergoing maintenance and updating a site with a new URL. During the same day, readers could no longer visit Block123 as well. Numismatic news site and app CoinWorld also shut down its Beijing operations following its closure notice in July. 

In a tweet to CoinDesk, ChainNews disclosed that its official accounts on Twitter and Telegram will continue to be active during the website update. On the other hand, Odaily pinned a tweet, inviting its audience to join its Telegram community. However, both social media platforms are banned in China. 

According to the Chinese state media Global Times, approximately 90% of crypto-related businesses in China have been closed down in accordance with the country’s strict ban on crypto mining and trading. 

‘Virtual currency mining features high energy consumption and carbon emissions, and doesn’t play a positive role in industrial development and technological progress,’ China’s National Development and Reform Commission (NDRC) spokesperson Meng Wei said. ‘Crypto’s blind and disorderly development has a severe adverse impact on promoting high-quality economic and social development, energy conservation, and emission reduction.’

NCRC reiterated its commitment to rid China of any crypto mining holdouts amidst a countrywide energy shortage. The economic planning body also announced that it is proceeding to its next phase in the crypto mining crackdown.

In an interview with Bloomberg, Binance CEO Changpeng ‘CZ’ Zhao shared his point of view on China’s war against crypto since Binance’s withdrawal from China in 2017. 

‘I don’t think there’s anything to be done in China right now from a blockchain industry perspective. The actual restrictions, the actual block is much stronger this time than in 2017,’ CZ said.

Stay up to date with the latest cryptocurrency news and updates here at BTC Post! 

Cryptocurrency Market Capitalization
  • bitcoinBitcoin (BTC) $ 16,587.36 0.2%
  • ethereumEthereum (ETH) $ 1,222.26 0.16%
  • tetherTether (USDT) $ 1.00 0.08%
  • bnbBNB (BNB) $ 316.04 1.42%
  • usd-coinUSD Coin (USDC) $ 1.00 0.11%
  • binance-usdBinance USD (BUSD) $ 1.00 0%
  • xrpXRP (XRP) $ 0.404213 1.34%
  • dogecoinDogecoin (DOGE) $ 0.094006 1.69%
  • cardanoCardano (ADA) $ 0.317185 0.58%
  • matic-networkPolygon (MATIC) $ 0.857347 0.44%

Expand your knowledge and invest in the cryptocurrency industry.