China takes strong action to crack down on cryptocurrency: A series of accounts have been eliminated.
Elimination of accounts spreading false information
On May 24, 2025, the Cyberspace Administration of China (CAC) announced the closure of many accounts and websites related to illegal cryptocurrency activities.
This move is part of efforts to tighten control over financial information and prevent false rumors online.
Accounts like 'Love Stocks APP' or 'Captain Jack Macro Strategy' have been accused of spreading misleading data and rumors about financial policies, leading to their permanent deletion.
Notably, two well-known trading platforms PKEX and HTX have also been blocked due to their involvement in cross-border digital currency transactions.
Immediate impact: Users and exchanges must adapt
This mass shutdown has disrupted trading services in China and forced the remaining platforms to comply more strictly with regulations.
Users are currently reassessing their investment strategies to adapt to the increasingly stringent legal environment.
Experts believe this move shows Beijing's determination to clean up the digital financial environment, aiming to protect investors and stabilize the market.
Context and impact on the global market
China caused a stir in 2021 when it completely banned cryptocurrency trading and mining, forcing many major exchanges to leave the country.
Currently, although Bitcoin's price has dropped by 3.33% in the last 24 hours, it has still increased by 15.31% in the last month, according to data from CoinMarketCap.
Trading volume slightly decreased by 1.12%, reflecting investors' cautious sentiment amid increasingly tight control policies.#ChinaDrama
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