Binance Launchpad May Have Banned All Chinese Users
- Leading cryptocurrency exchange Binance has banned Chinese users from its token launch platform.
- Chinese reporter Colin Wu has confirmed that the ban is temporary without any official comment from Binance.
- Traders in China have access to the trading platform and the rest of its products in the Binance ecosystem.
Chinese cryptocurrency traders can still actively trade and access their cryptocurrencies on Binance, but will not be able to contribute to new crypto startups to raise capital.
Game-changing projects temporarily out of reach
The Binance Launchpad has gained a reputation for launching projects that have the potential to deliver high ROI to traders. Tokens featured on the platform go through a rigorous review process to determine if they meet Binance’s standards.
Crypto teams at a relatively late stage of their growth are approaching the proprietary token launch platform when they are ready for wide adoption. The approved cryptocurrency companies are then introduced to the launch pad and open to Binance users to participate in the Initial Exchange Offer (IEO).
Over 10 million people have the opportunity to participate in IEOs, but that has changed with the temporary ban.
Earlier today, reporter Colin Wu tweeted:
Quick survey: can you open the Binance launch bar? Computer and cell phone, thank you.
– Wu Blockchain (@WuBlockchain) July 13, 2021
Through responses on the thread, Wu found that Chinese users had lost access to the launch pad and suspected a ban, which was later upheld. A similar incident was reported on the evening of July 8 when many users in China confirmed that the Binance app appeared to be stuck.
Crypto enthusiasts in China are currently trading cryptocurrencies on Binance and its two main competitors Huobi and OKEx. That may change in the future, and a temporary or extended ban may be underway given the recent crackdown on the three crypto exchanges by China’s biggest internet search engines Baidu, Weibo, and Sogou.
These search engines appear to be taking strict steps to impose strict censorship on the current cryptocurrency exchanges. First reported on July 9, traders were unable to search “Binance,” “Huobi” or “OKEx” on Baidu, Sogou, and Chinese social media apps like Zhihu and Weibo.
Although not fully in effect since users can search for longer keywords like “Download the OKEx app” and access search results, the ban is still in effect on desktop and mobile versions. of these search engines.
An official comment from Binance is expected, users remain bullish as the trading platform and cryptocurrency wallets are accessible.