The Chinese authorities are cracking down on the private cryptocurrency sector ahead of the digital yuan launch. A popular Chinese cryptocurrency journalist, Colin Wu, has reported that the local cryptocurrency exchange TokenBetter users cannot take their money back. The exchange blocked withdrawals amid the investigations by the police in Sichuan province. After OK and Huobi, another exchange from China, TokenBetter, was investigated by the police in Sichuan, China. Earlier, it claimed to have received an investment of $50 million, but the probability is exaggerated, the journalist wrote.
The withdrawals from TokenBetter are not available for nearly a month as the person in charge has been under investigation since October 16. At the time of writing, the crypto exchange website is not accessible, while its activity in social media stopped on October 15. Some of the crypto community members suspect exit scam as the exchange failed to provide any explanations and just stopped all communications with the customers.TokenBetter is not the first victim of the Chinese authorities’ aggressive approach towards cryptocurrency exchanges. OKEx had also suspended withdrawals on October 16, citing that the private key holder was working with the law enforcement authorities.
Read more: https://coinnounce.com/china-cracks-down-on-crypto-exchanges-as-it-gears-up-to-launch-digital-yuan/