In the latest of a series of crypto crackdowns, Chinas central bank announced on Friday that overseas facilities offering cryptocurrency services inside China are “illegal”. It warned that any local staff who help these businesses operate, or even provide marketing and technical support, “shall be investigated”. This is the most direct crackdowns by a major regulator against “offshore” exchanges that have proliferated as interest among traders has boomed in Bitcoin, Ethereum, Dogecoin Tether and other cryptocurrencies. Many large crypto venues provide services in jurisdictions without having their operations, web servers and staff in those countries. These offshore venues often offer a wide variety of products, such as trading digital tokens in the “spot” market, derivatives like futures and even DeFi “yield” products that look similar to fixed-income securities.
In today’s video we analyze what this ban means, and whether other global regulators are likely to follow China with similar legislation. What does China’s crypto ban mean? Will other countries follow?
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