China Launches Major Crackdown: Many Crypto Trading Platforms Shut Down!
China Cracks Down on Cryptocurrency: A Series of Accounts Are Deleted
Delete 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 .
The move is part of efforts to tighten control over financial information and prevent false rumors online.
Accounts such as “Love Stocks APP” or “Captain Jack Macro Strategy” were accused of spreading false data and rumors about financial policies , leading to their permanent deletion.
Notably, two popular trading platforms PKEX and HTX were also blocked due to their involvement in cross-border cryptocurrency transactions.
Immediate Impact: Users and Platforms Must Adapt
The mass shutdowns have disrupted trading services in China and forced the remaining platforms to comply with stricter regulations.
Users are now reviewing their investment strategies to adapt to the increasingly stringent regulatory landscape.
Experts say this move shows Beijing's determination to clean up the digital financial environment , aiming to protect investors and stabilize the market.
Background and impact on global markets
China made headlines in 2021 when it completely banned cryptocurrency trading and mining , forcing many major exchanges to leave the country.
Currently, although Bitcoin price is down 3.33% in the last 24 hours , it is still up 15.31% in the last month , according to data from CoinMarketCap.
Trading volume fell slightly by 1.12% , reflecting investors' cautious sentiment in the face of increasingly strict control policies.