China crypto news of the week (May 24 to May 31)

Highlight of the week: China's cryptocurrency industry is still panicking in huge uncertainties. A lot of mining machines began to be sold, and the price dropped by 30%. Inner Mongolia quickly introduced policies, but Xinjiang and Sichuan are still discussing. The official media began to criticize highly leveraged derivatives, and Chinese exchanges have to draw a clear line with Chinese investors.

Important news


After Beijing requested a crackdown on Bitcoin mining on May 21, the first enforcement measures have just been officially introduced and come from Inner Mongolia. This new requirement is indeed very strict, and even requires cracking down on Internet cafes that conduct mining. It is currently uncertain whether Xinjiang and Sichuan will follow up.

Sichuan govenment will hold a virtual currency mining research symposium. Sichuan is the largest hydropower mining area in China. The meeting will analyze the impact of shutting down mining on the consumption of waste water, and hope to collect suggestions.


The miner told WuBlockchain that the Antminer S19 has dropped from the previous highest point of $12,000 to the current minimum of $8000, a drop of more than 30%. The reason is that miners are worried about the government's subsequent anti-mining policy.

On China's largest online second-hand commodity trading platform Xianyu, the number of mining machines has increased significantly, mostly from Inner Mongolia, Sichuan and other places, and prices are also continuing to decline.


Following the high-energy-consuming attack on Bitcoin mining, Chinese state media began to collectively launch attacks on highly leveraged futures and quoted screenshots of binance future.

Derivatives exchange Bybit has given the most severe measures: on June 15th, it will close the accounts of all registered users of Chinese mobile phone numbers. Bybit banned Chinese IP in 2020. It was founded by the Chinese team in Shanghai.

Huobi’s belated official announcement: a portion of services such as futures contracts, ETP, or other leveraged investment products are temporarily unavailable to new users from a few specified countries and regions.

Binance has changed all Chinese related to contracts and leverage to traditional Chinese, even if you choose simplified Chinese. The reason is that the exchange is worried about mainland China's crackdown on leverage and derivatives trading.


MetaMask’s total number of visits in April was about 4.69 million. The top four countries in terms of visits were the United States (15.41%), China (7.39%), Turkey (4.12%) and Thailand (3.12%), which also shows that DeFi Percentage of users. The first source of Metamask traffic is the market website Coinmarketcap, and the second is the Chinese intellectual community Zhihu. However, Chinese DeFi players mainly use TokenPocket, and only a few people use Metamask.


CZ accepts a interview with Chinese media:

Binance now has close to 3,000 employees

In 2014, he sold a house in Shanghai for Bitcoin, and the price of house doubled after a year, but Bitcoin fell by 2/3

99% of his assets are crypto, most are BNB, others are BTC

The largest wallet requires 7 out of 15 signatures, but neither he nor the other founder HeYi is there

The market expenses below 3 million do not require his approval

His adolescence and being the captain of the volleyball team in Canada have a great influence on him

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