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di October 17, 2021 2

Binance will Close all Trading with the Chinese Yuan in December

Peer-to-peer trading platform Binance will wipe out the Chinese yuan (CNY) by the end of the year

Chinese Yuan Suspension

Binance is taking firm steps to stop any yuan trading pairs on its platform starting from December 31st. Last Wednesday, October 13, the crypto exchange platform announced that it would be discontinuing yuan trading from peer-to-peer platforms alongside other restrictions.

Binance also confirmed its decision to restrict access to its platform for users based in China. Accounts linked to crypto exchanges will be in a 'withdrawal only' mode which only allows users to make withdrawals, exchanges, and closing positions.

“Binance withdrew from the mainland China market in 2017 and is not involved in any exchange business in mainland China,” the announcement in Chinese reads.‍

Binance does not operate any exchange operations in China and has taken steps to prevent new account registrations from China via geofencing. Houbi, another major crypto, has also announced that it will be gradually retiring its existing Mainland Chinese users by December 31st.

China Intensifies Its Crypto Crackdown

Binance has been out of China since 2017 but it is still possible to trade on its platform using the Chinese yuan. The latest decision to remove the yuan trading pair and restrict access is expected by Beijing to step up enforcement. This includes blocking major crypto-related websites such as CoinMarketCap, Coinecko, and TradingView.

BeePool and SparkPool, the two largest Ethereum (ETH) mining pools based in China have taken steps to halt their operations amid the Chinese government's crackdown on crypto-related activities.

Crypto Industry Will Survive

Various jurisdictions can catch activity by institutions such as Binance and Houbi. In most cases, there is no alternative but to comply or risk facing enforcement action. The cryptocurrency was created as a tool to provide financial democracy. So far it has dominated a total market cap of $2.48 trillion, and the trend of adoption seems to be on the rise.

Many attempts were made to ban cryptocurrencies in several states and to no avail. In general, regulators now prefer to regulate the crypto industry rather than ban it. Some jurisdictions are already adopting crypto-friendly policies and regulations and this may be the preferred approach as crypto becomes mainstream.

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di December 23, 2019 0

Chinese Authorities Seized 7000 Crypto Mining Machines 


Reportedly 7000 crypto mining machines seized by Chinese authorities for consuming electricity illegally. An inspection, the Tangshan police have executed in the Kaiping district. The inspection took place in around 70000 households, 3060 merchants and 1470 communities. 

The inspection covered several mines, factories, and villages as well. Other authorities including the State Electricity Power Department were in association to execute the skeptical electricity usage.

Crypto Mining Investigation

The investigation initiated in April 2018 and the authorities seized around 6890 miners and 52 high power transformers. According to the police, the miners were sneaking electricity from the nearby villages. Also, the Bitcoin mining machines operating hours were 24 hours a day. This usage has surged electricity consumption by 40 times.

The current BTC miners of China are the reason behind the global hash rate as much as 66%. The country is constantly fighting and inspecting illegal use of electricity by crypto miners. Recently regulators of China’s inner Mongolia Autonomous Region toughened up the crypto mining companies. They are planning to dispatch inspection units to assure clean-up and rectification of crypto token mining companies.

Other Regulators against illegal mining

Other jurisdictions such as Abkhazia also escalated the identification of crypto mining firms related works. Though the government of Abkhazia mentioned that the significant increase in the electric network load was due to the emergence of a growing number of illegal crypto mining firms connected to local power.

In November, authorities of Iran too announced for rewards to the one who will reveal or expose the firms involved in unauthorized illegal mining operations across the country. People who will expose mining operations that are using subsidized electricity will allegedly receive up to 20% of the recovered damages.

Other illegal crypto mining in China

Recently, authorities of Shenzhen, China has tracked down eight companies suspecting illegal crypto-related activities. This also includes two exchanges that are unregistered. six companies were accused of raising funds for tokens.

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di September 19, 2019 0
Philippines Arrested 273 Bitcoin Scammers
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273 Bitcoin Fraud Suspects Arrested in the Philippines


Two hundred and seventy-three Chinese citizens were arrested in the Philippines, accused of cheating more than a thousand investors in a suspected Bitcoin fraud syndicate.

As reported by the Inquirer, Philippine law enforcement agents acted on a tip from the Chinese Embassy in the country to arrest suspects. According to sources familiar with the matter, Philippine law officials discovered fake crypto plots in the country, which have deceived more than 1,000 Chinese investors.

Doing raids

The local authorities cooperated with agents from the Fugitive Search Unit of the Immigration Bureau and officials from the Chinese Ministry of Public Security and carried out a raid on the Grapefruit Service - an operational base for fraudsters.

Grapefruit is reported to employ 277 Chinese citizens. The Pasig City-based company is a licensed service provider for Golden Millennial Quickpay Inc. Ltd, which is a crypto ally company.

Questionable agreement

Golden Millennial Quickpay is allowed by the Cagayan Economic Zone Authority (CEZA) to provide services only in Pasig City. However, the company has been involved in a questionable agreement. This expands its activities to Metro Manila - the capital of the Philippines, which is a restricted area.

In addition, Grapefruit employees have a CEZA visa, which allows them to work only within the Cagayan special economic zone. Registration documents from the Securities and Exchange Commission do not allow companies to operate as investment advisers, banknotes or cryptocurrency exchanges, or as brokers or securities dealers.

The suspected Bitcoin con artist was caught

After the raid, 273 Grapefruit employees were arrested and will be deported to their countries, because their international passports have been canceled by the Chinese government.

It first ordered the arrest of four Chinese nationals before local authorities seized many other suspects in the Bitcoin fraud scheme, said Immigration Commissioner Jaime Morente in the Philippines. There are also rumors that some evil actors are taking advantage of the friendly nature of the country to carry out fraudulent activities on unsuspecting investors. Fortunately, immigration authorities are on guard.

As the world becomes accustomed to emerging cryptocurrency and blockchain technology, fraud related to Crypto continues to increase. Countries such as Singapore and Thailand have previously warned their citizens to be wary of questionable crypto agreements.


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Source: https://coindoo.com/273-bitcoin-scam-suspects-arrested-in-philippines/
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