Major crypto platforms have been refusing Chinese customers since last weekend because the Chinese central bank ruled on Friday that all investments in crypto coins are illegal.

One of the measures is that foreign platforms can be fined if they carry out transactions for Chinese people.

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Huobi, one of the largest crypto platforms in the world, announced on Sunday that residents of mainland China can no longer create an account from now on.

Existing Chinese accounts are gradually being phased out until December 31.

Another major platform, Binance, blocks all subscriptions from phones with a Chinese number and pulled its app from Chinese app stores.

The Chinese central bank sent out a statement on Friday in which investing in cryptocurrencies was immediately banned and even called it illegal.

According to the bank, the trade in digital currencies "distorts the market" and encourages illegal activities.

Beijing has long been a major opponent of cryptocurrencies.

In the past, the central bank regularly stated that it would never consider cryptocurrencies as a valid means of payment, and in 2017 a number of Chinese crypto companies were closed.

As a result, many platforms are moving to other countries, where they are now also coming under fire.

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