Golden Observation | After 5.21, 6 institutions suspended their services for users in mainland China

Cryptocurrencies usher in strong regulation.

Three days after the three financial associations issued an announcement reiterating that virtual currency-related businesses were involved in crimes, and Inner Mongolia established a reporting platform for virtual currency mining companies, the Financial Stability and Development Committee of the State Council proposed to crack down on bitcoin mining and trading.

On May 21, the Financial Affairs Commission of the State Council held the 51st meeting to study and deploy key tasks in the financial field in the next stage. The meeting proposed for the first time to crack down on Bitcoin mining and trading, and resolutely prevent individual risks from being transmitted to the social field.

Inner Mongolia, one of the most popular locations for mines, on May 25, the Inner Mongolia Development and Reform Commission organized the drafting of the "Inner Mongolia Autonomous Region Development and Reform Commission's Resolutely Crackdown on Punishment of Virtual Currency" Mining "Eight Measures for Mining" Behavior (Draft for Comment)".

Golden hot search-zce list: BHD tops the list: According to the data of Golden Finance and Economics ranking list, in the past 24 hours, the search-zce volume of BHD topped the list. The specific top five list is as follows: BHD, TRUE, XMR, STORJ, LEND. [2020/10/6]

The act of rectifying the virtual currency market has risen to the height of the State Council, and it is clear that a new round of strict supervision is about to begin. Mining and exchanges are the key targets of this round, and some relevant institutions have already taken action.

Exchange:

On May 24, Huobi said that due to the large market fluctuations, in order to protect the interests of investors, it temporarily does not open services such as contracts, leverage, and ETP for new users in some countries and regions.

Analysis | Golden Internal Reference: This resistance level will determine the future trend of BTC: 1. BTC mining situation

Bitcoin mining still has profit margins, regardless of the speculation that "it has fallen below the mining balance".

2. Large BTC transfer

Last week, transfers on the BTC chain were relatively active, and large investors frequently arranged funds, but most of them were carried out off-site, and no large funds flowed into the exchange.

3. BTC-related information and supervision

Regulations in various regions of the world are becoming stricter, which is negative for Bitcoin in the short term, but bullish in the long term.

4. BTC market sentiment

The panic has subsided somewhat, but the overall panic is high and needs time to recover.

5. BTC Outlook

$6,800 is an important resistance level. Once it breaks through, the market will enter the market with long funds, and the target of the rebound at that time can be seen around $11,000-12,000.

To view the full version of the golden internal reference, please check the "Original Link". [2018/8/21]

On May 26, Bybit officially announced that it will restrict IP addresses in mainland China from accessing the API interface from 16:00 on June 15, 2021, Beijing time, to perform operations such as market quotations, account asset inquiries, and order placement, including third-party trading tools.

Jinse Finance live report Zhao Ming, a professor at the Institute of Information Technology of Tsinghua University, said: Universities and scientific research institutes have the responsibility to promote the research of blockchain technology: Jinse Finance live report, at Tsinghua University Blockchain Education and Industry Innovation Summit cum Ivy Chain At the inaugural meeting of the alliance, Zhao Ming, a professor at the Institute of Information Technology of Tsinghua University, said that in the past, universities and colleges conducted relatively little research on blockchain technology. The clear appearance of the blockchain is shown to the public, so that the public can better understand what the responsibility of the blockchain is and how to develop it. [2018/5/27]

According to reports, Bybit blocked all IPs from China in September 2020. In April this year, Bybit’s official Weibo also issued a statement stating that Bybit does not provide services in mainland China and will not launch a wallet app.

Mining:

On May 22, Jiang Zhuoer, the founder of Lebit Mining Pool (B.TOP), posted on Weibo early this morning: 1. Although B.TOP has not received regulatory requirements from relevant departments, considering the latest regulatory spirit, and B.TOP's domestic business in mainland China only accounts for a small share of self-operated mining. There is no need to continue to provide mining machine purchasing services to the public in mainland China, and to bear additional regulatory risks for this. Therefore, B.TOP decided to stop providing services for mainland China. Domestic customers provide mining machine purchasing service. 2. If the mining machine has been purchased and paid, but the mining machine is not running, you can choose a full refund. Please contact your docking business to handle it. 3. For the mining machines that have been in operation, although this situation belongs to the force majeure "government intervention, restriction, and prohibition" in the contract exemption clause, B.TOP is responsible for safeguarding the interests of customers, and B.TOP will introduce measures to ensure that customers do not loss.

According to the official announcement of BitDeer, recently, in order to actively cooperate with the regulatory spirit of relevant countries and regions and support the compliant development of the mining industry, BitDeer will be upgraded and adjusted. Block all IPs in mainland China to further ensure that the platform does not provide services to residents in mainland China.

Huobi said that in order to concentrate on expanding overseas business, Huobi Mining Mall decided to suspend the provision of related services for users in mainland China. The solution to the mining machines held by old users will be notified to customers later.

On May 26, Bitfufu, a computing power standardized mining platform invested by Bitmain, announced that it will upgrade the existing platform, and the upgrade will take effect at 24:00 on May 26, 2021. In addition to the reminders of laws and regulations of various countries and regions and user signature commitments during the original platform registration and order placement, the platform will block all IPs in mainland China after this upgrade to further ensure that the platform does not provide rental services to China. For the leasing service that has taken effect before the platform upgrade, the service will not be affected until the contract is fulfilled.

At present, we have not seen any response from more exchanges or mining companies, and Jinse Finance will continue to follow up.

Tags：

MANA