Binance Hack prompt china Government to shut down crypto exchange

Binance a cryptocurrency exchange online portal that focus on Chinese market and other Chinese coins suffered a major hack and investors thinks the Chinese government  are prime suspect.

Major cryptocurrency have suffered a decline in price , in less than 24hrs  bitcoin droped by 12% and ethereum droped by 11%, this news has prompt other online portal in china to be shut down including BitMex, Gate.io and Bitfinex

 

Just when the ICO ban was backed by an official document issued by seven state regulators, The ban on cryptocurrency has been a lot confusing without any official statement of enforcement .

A Beijing lawyer whose name is asked to be undisclosed monitor cryptocurrency closely and was quoted to have said “china will not kill it all, because china will suffer a setback if cryptocurrency turn out to be globally accepted in future

After the ban in September , huobi.com is still accessible from china and provide information about  coin sellers including prices,the number of coins ,previous month trading volume and desired payment methods, such as Credit card, Alipay and Wechat pay

The hacking of binance  affected other available website to investors in china, as they’ve all gone without traces,some other trading website moved their service abroad, WeChat and online forums were also created to facilitate over-the-counter trading (OTC).

Beijing –”based lawyer has said there is cyber secuirity concern and  Closing down websites  may be a precaution measure for regulator, especially during china’s two sessions.”