Cryptocurrency exchange platforms in China shutdown following Binance hack

After the hack attack on Binance crypto exchange, other exchange platforms have been blocked in China. This action has prompted investors to believe that it is the Chinese government that is behind this new move.

Various cryptocurrency exchanges in China have gone offline. Some of the exchange platforms missing online are Binance, BitMEX, Gate.io as well as Bitfinex as from Friday afternoon. The cryptocurrency market is under heavy pressure from Japan and SEC in the US, and this new occurrence will damage the market further. Most cryptocurrencies like have been fading their values in double digits in the last 24 hours.

A Beijing-based lawyer was reported saying, “Binance’s hack shows clearly that there is cybersecurity concern and shutting down the websites may be a precaution measure for the regulator, especially during China’s Two Sessions (The People’s Congress), But there is no evidence to prove that the government did so.”

Even though the Chinese government might not be the one behind this shutdown, it is arguably the most en-mass move on cryptocurrency exchanges currently. However, what is evident at the moment is that the Binance hack escalated this kind of action.