• Leading cryptocurrency exchange Binance has banned Chinese users from its token launch platform.
  • Chinese Journalist Colin Wu confirmed that the ban is temporary with no official comments from Binance.
  • Traders in China have access to the trading platform and the rest of its products in the Binance ecosystem.

Chinese crypto traders can still actively trade and access their cryptocurrencies on Binance but will be unable to contribute to new crypto startups raising capital.

Game-changing projects temporarily out of reach

The Binance Launchpad has earned a reputation for launching projects that have the potential to offer a high return on investment to traders. The tokens featured on the platform go through a rigorous review process to determine if they are up to Binance’s standards. 

Crypto teams in a relatively mature stage of their growth approach the exclusive token launch platform when they are ready for large-scale adoption. The vetted cryptocurrency ventures are then featured on the launchpad and open to Binance users for participating in the Initial Exchange Offering (IEO). 

Over 10 million people have the opportunity to participate in the IEOs, but that has changed with the temporary ban. 

Earlier today, journalist Colin Wu tweeted:

Through the responses on the thread, Wu ascertained that Chinese users had lost access to the launchpad and suspected a ban, which was later confirmed. A similar incident was reported on the evening of July 8 when many users in China confirmed that the Binance app appeared to be blocked. 

Crypto enthusiasts in China are currently trading cryptocurrencies on Binance and its two leading competitors Huobi and OKEx. This may change in the future, and a temporary or extended ban may be underway given the recent crackdown on the three crypto exchanges by China’s largest internet search engines Baidu, Weibo and Sogou.

These search engines appear to be taking stringent measures to bring tight censorship on cryptocurrency exchanges in effect. First reported on July 9, traders were unable to run searches for ‘Binance’, ‘Huobi’, or ‘OKEx’ on Baidu, Sogou and Chinese social media apps like Zhihu and Weibo. 

Though it is not entirely in effect since users can search for longer keywords like ‘Download OKEx app’ and access the search results, the ban is still effective on both desktop and mobile versions of these search engines. 

An official comment from Binance is awaited, users continue to remain optimistic since the trading platform and cryptocurrency wallets are accessible. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Crypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies News

MATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

More MATIC News

AVAX price offers a bullish opportunity before Avalanche hits new all-time highs

Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News

XLM price building base for bullish breakout

Stellar bulls are in the last phase of completing a bullish triangle. As XLM price is getting squeezed against the base ($0.40), expect a quick breakout of 12%. After taking a breather, expect another 10% of profits to follow. 

More Stellar News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast