China bids farewell to five cryptocurrency exchanges amid crypto crackdown

The firm anti-cryptocurrency stance assumed by the People’s Bank of China has started to claim its victims with as many as five cryptocurrency exchanges calling it quits due to unfavourable business environment. China is coming down hard on crypto with regulators issuing a series of forewarnings that make it clear that digital assets trading is not welcome in the country. The financial watchdogs have demanded that cryptocurrency-related firms put up the shutters and investors be wary of the consequences that arise from trading in digital assets. This massive scale clampdown comes weeks following the Chinese leader Xi Jinping sent markets