Following the issuance of China’s newest crackdown notice, the values of exchange tokens belonging to crypto exchange and OKB have plummeted. It fell by over 15% within an hour of the People’s Bank of China announcing its plan to further tighten down on crypto trading. According to CoinGecko statistics, they are now the top two coins with the most percentage decline over the last 24 hours as of press time. China’s harsher regulations now apply to all crypto-related businesses, which means that any company that allows individuals to swap fiat currency for crypto assets would be considered unlawful. OKB has deep origins in China, having been started there many years ago. They still have staff in China and cater to Chinese consumers, allowing them to trade Renminbi to crypto assets through over-the-counter (OTC) merchants on their platforms, although claiming to have relocated out of China and halted the Chinese yuan fiat on-ramp. Binance, on the other hand, provides over-the-counter (OTC) Chinese yuan services on its platform. The price of Binance’s exchange token BNB, on the other hand, has dropped by eight percent in the last hour.
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