Alibaba, Binance, Sparkpool and other companies are scrambling to avoid any heat from China over crypto concerns

• China reiterated its tough stance against everything crypto in a statement last week.
• This has led to a flood of companies distancing themselves from Chinese users to avoid scrutiny by the authorities.
• Alibaba is shutting down the sales of mining equipment and the world’s largest crypto exchanges are barring Chinese users from signing on.

China is putting the pedal to the metal to show its stance against crypto goes beyond empty threats. Global websites are getting blocked, crypto exchanges are being shut down, and mining pools are closing their doors. Companies located within and outside China are scurrying to get away from any blowback from the country’s authorities.

The recent surge in anti-crypto activity comes after a joint statement from 10 departments of the Chinese government reiterated the country’s stance on barring all crypto-related services from within its borders.

The ‘ban’, which comes among other announcements cracking down on the technology sector by the government, is making it very hard for investors within China to buy or sell the assets unless they leave the country — even though, ironically, many of crypto exchanges that exist in the world today originally came out of China, including the biggest one of them all, Binance.

Today, they are all pulling back to avoid the risk of facing any heat over crypto concerns.