By Our Correspondent<\/p>\n\n\n\n
The Chinese authorities have banned BKEX, a crypto exchange based in the British Virgin Islands, for engaging in what it called illegal gambling.<\/p>\n\n\n\n
This highlights China\u2019s incorrigible stance on cryptocurrency and showcases the long arm of the Chinese bodies, who are now planning to gain bigger control over the crypto sector sometimes beyond its jurisdictions.<\/p>\n\n\n\n
Even though the BKEX is based outside China, the Chinese court based its accusation on the fact that the platform is accessible to citizens in China.<\/p>\n\n\n\n
The latest measure raises questions about the future of other such vendors because it would lead to heavy fines, the freezing of user funds, and the loss of market credibility.<\/p>\n\n\n\n
While China has imposed a total ban on cryptocurrency transactions in 2021, many Chinese users bypass the ban by trading through offshore companies such as BKEX.<\/p>\n\n\n\n
This has led to increased scrutiny of crypto trading activities by Chinese citizens both within and without China.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Our Correspondent The Chinese authorities have banned BKEX, a crypto exchange based in the British Virgin Islands, for engaging in what it called illegal gambling. This highlights China\u2019s incorrigible stance on cryptocurrency and showcases the long arm of the Chinese bodies, who are now planning to gain bigger control over the crypto sector sometimes […]<\/p>\n","protected":false},"author":4,"featured_media":7081,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-7082","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n