China Ban: TradingView & Data Sites Inaccessible, Alibaba Stops Miners & Crypto Sales, “Complete Shutdown” for SparkPool Users
Popular cryptocurrency market data sites CoinGecko and CoinMarketCap are not accessible for users in mainland China after the Peoples Bank of China reiterated that crypto-related business activities are “illegal,” which also covered overseas exchanges offering their services to Chinese residents through the Internet.
Both the sites are blocked by China’s internet firewall, first reported by The Block. However, users in mainland China can still access the sites by using virtual private networks (VPN).
According to Wu Blockchain, TradingView is also not accessible.
While crypto is only recently inaccessible, high-ranking websites like Google, YouTube, Facebook, Wikipedia, Reddit, Netflix, Instagram, Twitch, and many others have been inaccessible for years.
SparkPool Shutting Down Operations
Huobi further announced that it would retire existing Mainland China user accounts on Dec 31, 2021. Another exchange BitMart is doing the same but by November 30. BiKi, a crypto exchange in which Huobi co-founder DuJun invested, said it would be completely closed on November 30 as well.
Amidst this, Chinese Ethereum miner SparkPool also announced that it has stopped providing services to new users from mainland China to comply with regulatory requirements.
“A complete shutdown for all SparkPool services and operations for the existing users, at home or abroad, has been planned for September 30, 2021 (UTC+8) at 20:00 under the premise of ensuring the safety of our users' assets.”
Alibaba Prohibits Sales
Chinese regulatory pressure has e-commerce giant Alibaba banning the sale of all cryptocurrency mining machines starting October 8 in response to the central bank’s latest policy on crypto trading. Also, anyone who lists such products on the platform after Oct. 15 will face penalties.
Taking into account the “instability of laws and regulations” on crypto around the world, Alibaba will bar two categories “Blockchain Miners” and “Blockchain Miner Accessories.”
Besides mining rigs, the company also prohibits the sale of crypto such as “Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum.”
China’s Loss, America’s Gain
On Monday, Blake Masters, COO of Thiel Capital, also took to Twitter to call out the US to do the exact opposite of China.
“The US government should buy a strategic reserve of Bitcoin — Fort Nakamoto, the new Fort Knox,” he said. Masters also noted that his Senate campaign now accepts Bitcoin donations.
Another Bitcoin supporter, Miami Mayor Francis Suarez, chimed in saying,
“China banning Bitcoin is a massive mistake with impacts that will be felt for generations. Their loss is our gain and America can and will lead the future by providing a clean power home for Bitcoin miners and all who are building on/with/for Bitcoin.”