China strengthens crypto censorship, yet another closed media facility
China internet censorship is extending its arms to crypto media establishments, mining pools, and exchanges. This is part of an effort to reduce the exposure of Chinese people to the cryptocurrency ecosystem.
China crypto censorship is more targeted
Chainnews, one of China’s major crypto media outlets established in 2017, is currently closing all content production and distribution channels. Meanwhile, China’s internet service providers are gradually taking further steps to block the IP addresses of domestic miners from connecting to large mining pools.
The move is a sign that China is not loosening its grip on the crypto industry even as its most severe crackdown efforts since the summer have dented retail interest and forced businesses, many executives, to cut ties with the Chinese market or move abroad.
Earlier this month, the mobile applications and website domains of at least three prominent Chinese crypto-media outlets Chainnews, ODaily, and BlockBeats, were barely accessible simultaneously. Since then, they have turned to the official Telegram channels to keep users informed and changed to new web domains.
However, it seems that the editor-in-chief of Chainnews has changed his mind and announced that the platform would be completely shut down and expressed his sincere gratitude to everyone who has stuck with it over the years. Other stores like ODaily and BlockBeats are still working on the new web domains, but their mobile apps aren’t working. This has limited the ability to reach readers on the mobile front.
A few months after popular market price information, the Chinese firewall blocked websites such as CoinMarketCap, CoinGecko, and TradingView.
According to a recent document made by China Telecom, China’s leading internet service provider has come up with a solution to detect domestic miner IPs connected to the URLs of mining pools. Accordingly, it can cut internet service for specific IPs or manually blacklist the mining pools’ URLs to connect to individual devices.
The domains of the ten largest mining pools by hashrate are almost unreachable from Chinese IPs. Among them, F2Pool, ViaBTC, BinancePool, and BTC.com have seen real-time hash rates drop by around 10% for Bitcoin or Ethereum in the past 24 hours.
Regulators ask DiDi Global to delist from New York Stock Exchange
China’s regulatory stance is becoming more and more stringent, especially since the Chinese government has announced a five-year plan to outline stricter regulations.
In a recent development, Chinese regulators asked the top executives of Didi Global Inc. announced plans to delist from the New York Stock Exchange. According to Bloomberg, this decision was mainly due to concerns about the leakage of sensitive data. Proposals under consideration include direct privatization or the transfer of shares in Hong Kong, followed by delisting from the United States.
This can have big consequences. If it continues, it will at least be the IPO price of 14 USD. A lower offering immediately following the June initial public offering could lead to lawsuits or shareholder resistance.
“If there is a secondary listing in Hong Kong, the IPO price will likely be a discount to the share price in the US, $8.11 as of late Wednesday,” Bloomberg said.
Any difficulty arising from this decision creates the possibility of a price drop. Be it Bitcoin or, in this case, Didi. In Tokyo, shares of SoftBank Group Corp, Didi’s largest minority shareholder, fell more than 5%. Either way, though, either option would deal a heavy blow to the ride-hailing giant, which has made the biggest US IPO of a Chinese company since Alibaba Group Holding Ltd. in 2014.
Many see Beijing’s moves against Didi as particularly cruel. In December last year, Didi allowed its customers to pay for Didi Bike in digital Yuan. The news comes after a strategic partnership with the People’s Bank of China’s Digital Research Institute.
Despite such arguments, the Cyberspace Administration of China sees Didi’s IPO decision as a challenge to the central government.
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