Chinese authorities have banned the owners and top managers of cryptobirge to go abroad

It seems that for the representatives of the cryptocurrency industry life in China is complicated. Not so long ago, the authorities of this country banned the holding of ICO, considering such things as an opportunity to launder money uncontrollably. Then, rumors spread that China prohibits trading in cryptocurrencies on its territory. And now a number of Chinese media are reporting on the ban on travel abroad to cryptobirge managers.

“Several well-informed sources said that heads of specialized trading platforms are not allowed to leave Beijing, because the regulator needs them to cooperate with the investigation. In accordance with the requirements of the regulator, shareholders of the exchanges, the owners and leaders of these organizations should cooperate with those who conduct the investigation, ”one of China’s electronic media reports.

This information is confirmed by the publication Australia's Financial Review (AFR). Journalists of this media managed to establish contact with a representative of one of the largest exchange markets in China, Huobi. Lee Lin, the founder of this exchange, will have to provide the authorities with a report and then cooperate with them at any time of the day or night.

Despite the fact that there is no official ban on the work of the stock exchanges, the leaders of these organizations receive oral instructions from regulators.
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Trading volumes on Chinese exchanges now amount to 5% -10% of global volume.



Chinese investors and representatives of the cryptocurrency sphere prepared for the worst. After the ban on leaving the management of the exchanges, those who did not believe in a possible ban on tendering, changed their mind. “None of us believed that they would do it, but now we are preparing for the worst,” said one of the AFP Chinese investors. Generally speaking, all this caught many off guard. After all, China has long become a world center of cryptocurrency. Here are located massive farms where various coins are mined. Here are the largest exchange markets.

According to many media reports, the ban on Chinese regulators may affect over-the-counter trading. In this case, the miners from the Middle Kingdom will not be able to cover their own expenses by exchanging the received coins for a fiat currency. As a result, many of them leave the country. But now there is a ban on leaving. While for managers of stock exchanges, but all of this can touch ordinary miners.

As a result of current events, the cryptocurrency market is changing. Now significantly increased trading volumes in Japan, which pushed the US cryptorists to second place. In addition, the volume of trading in South Korea is gradually increasing.