China banned bitcoin, Again?

[nakamura12]

In my opinion, it won't be a too big of an effect if China decided to ban bitcoin because they did it already before. The people who are into bitcoin in china may be less compared before the banning of bitcoin but still, it won't really affect much to bitcoin like what happened before. This is surely a fud since it's not the first time they ban bitcoin and also it won't stop them from using bitcoin either it is banned or not but they have to be very careful.

[Zlantann]

Altcoinstalks and Binance Square aren’t exactly reputable sources. If this news was real then surely there would have been something published on major news websites, but the only reports I could find are the ones saying this was fake news. So many crypto websites are just AI content farms these days and that helps propagate false stories. That’s why we should do some basic fact checking and look for information from reliable sources before believing these rumors.

China is a communist country where information should be verified only from the government. Till this morning, we had never heard any information from any reliable source that clearly shows that it's fake. But the silence of the Chinese government is also suspicious. They would have given a statement disputing or confirming this information.  Anyway, who cares if they ban crypto because they are already known as an unfriendly country? The price of Bitcoin dropped slightly but it's recovering. But I want China to unban crypto to compete with the US.

[Marvell1]

... while the government itself is accumulating bitcoin for a while.

Do you have any credible information or evidence that the Chinese government is secretly accumulating bitcoins?

According to some sources, the Chinese government is holding around 190kBTC confiscated from the PlusToken Ponzi scheme. But it's all just rumors and so far there is no concrete evidence of that, let alone that they are secretly accumulating bitcoins.

They are known to be the most hostile country to the entire crypto industry, so it is hard to believe that they need and are accumulating bitcoin. According to domestic and foreign media, the only thing they care about is gold, they are the largest gold buying country in recent years.



https://x.com/business/status/1924770236927979782

[Kelward]

There doesn’t seem to be any credible source. If this is really coming from the government, there should be an official post or statement, and that’s the most reliable source.

Until then, this could possibly be misinformation. But either way, we already know China’s stance on Bitcoin.

If the news is not from the Chinese official sites then it shouldn't be taken serious that it's from them, I just wonder what some people gain from spreading fake news. We're only contemplating the news because we know China's stance on Bitcoin that they're not a crypto friendly country. Aside from this unreliable news that China, has banned Bitcoin, I think that it's a pity that the country is not moving with other countries that have seen the potentials of Bitcoin. People, institutions and countries are getting in to be among the global community of Bitcoin holders and are making profits, a pity that China, is denying it's citizens to also enjoy the dividends of Bitcoin holding.

[fikrett]

Ah, the scales got into the "no-crypto" zone again.

Surely, it won't change much, and going into the future, the regulations will be not as tight, hopefully.

FUD is FUD, if that's going to be brought in such a light.

[Zlantann]

Do you have any credible information or evidence that the Chinese government is secretly accumulating bitcoins?

There has not been any credible information to back up the claim that China is buying more Bitcoin. But some economist or scholars assumes that Hong Kong is China's crypto middleman. Hong Kong has close ties with China, and the country's recent soft approach towards crypto is suspicious. People think China is buying Bitcoin through Hong Kong.

According to some sources, the Chinese government is holding around 190kBTC confiscated from the PlusToken Ponzi scheme. But it's all just rumors and so far there is no concrete evidence of that, let alone that they are secretly accumulating bitcoins.

They are known to be the most hostile country to the entire crypto industry, so it is hard to believe that they need and are accumulating bitcoin. According to domestic and foreign media, the only thing they care about is gold, they are the largest gold buying country in recent years.

To diversify its foreign reserves, China has been buying gold aggressively in recent months. Maybe they now prefer to keep their reserve more in gold than dollars.

https://www.gold.org/goldhub/gold-focus/2025/04/chinas-gold-market-update-investment-boom-continues-march#:~:text=China's%20gold%20reserves%20rose%20further,of%2012.8t%20of%20gold.

[Iranus]

But the silence of the Chinese government is also suspicious. They would have given a statement disputing or confirming this information.  Anyway, who cares if they ban crypto because they are already known as an unfriendly country? The price of Bitcoin dropped slightly but it's recovering. But I want China to unban crypto to compete with the US.

Why should the Chinese government care about this kind of fake news and need to react when it does not come from a large, reputable source but is spread by some Internet users? Not just China, no government has enough free time to care about this news.

But you are right, who cares about this because this is not new. China banned bitcoin in 2017 and bitcoin has gotten used to not needing the Chinese market. Bitcoin doesn't need China to develop, we don't need to expect the country to lift the ban.

By the way, I don't think Bitcoin price is down because of these fake news, the price is down maybe because of Elon and Trump.

[FortuneFollower]

But the silence of the Chinese government is also suspicious. They would have given a statement disputing or confirming this information.  Anyway, who cares if they ban crypto because they are already known as an unfriendly country? The price of Bitcoin dropped slightly but it's recovering. But I want China to unban crypto to compete with the US.

Why should the Chinese government care about this kind of fake news and need to react when it does not come from a large, reputable source but is spread by some Internet users? Not just China, no government has enough free time to care about this news.

But you are right, who cares about this because this is not new. China banned bitcoin in 2017 and bitcoin has gotten used to not needing the Chinese market. Bitcoin doesn't need China to develop, we don't need to expect the country to lift the ban.

By the way, I don't think Bitcoin price is down because of these fake news, the price is down maybe because of Elon and Trump.

Yep, I too agree on the last paragraph - these two throw many news that are bad for investors in a short-term, so it's probably what affects the minds and markets.

[examplens]

I saw this news on the Altcoinstalk and searched whether this is true, and yes, it looks like every news media outlet posted an article that claims China banned crypto trading, holding, and mining from 31st May 2025. Yet, there is no government ruling that states it is illegal, just like they always do but what's gonna be the impact on the bitcoin now, and it's not just the price perspective.

BTW, this is not the first time they did it, it started way back in 2013 and later in 2017, and so on with various reasons and various types of ban but now this just hit us.

Irony is that they made it illegal for their citizens to hold, trade, or mine while the government itself is accumulating bitcoin for a while.

They've already published it so many times that now this kind of information has become as important as whether I had breakfast today. There was speculation that they were doing it on purpose because the first few times, they caused a pump/dump reaction. Now it is certain that they were doing it on purpose to make extra profit.
I am glad that the market has become immune to such manipulations.

[HelliumZ]

China either never made Bitcoin legal or China declared Bitcoin illegal a long time ago, which is why all this news no longer surprises people.
However, recently China has given more importance to gold than dollars in its strategic reserves.
However, whatever China does will definitely be against the United States, where if the United States attaches importance to Bitcoin, China will attach importance to the opposite of Bitcoin.

[coolcoinz]

How can they ban bitcoin if it has been banned for years? They even imposed a mining ban in 2021, but excluded Hong Kong, if I'm correct, so people there are still doing it.

According to Forbes the news about Chinese ban is fake.
https://www.forbes.com/sites/digital-assets/2025/06/04/no-china-did-not-just-ban-bitcoin-again/

IMO since bitcoin underwent a correction due to US tariffs and uncertainty about what the FED might do, some people used this opportunity to incite fear with fake news.
If any of you sold bitcoin because someone said that China banned it, I pity you.

Also, take a look at this:

https://www.binance.com/en/square/post/25019848222489

On May 31, 2025, China implemented a comprehensive ban on all cryptocurrency activities.
📉 Market Fallout — Immediate and Severe
Bitcoin (BTC): Plummeted from approximately $111,000 to around $104,500, reflecting a sharp market reaction. $BTC

This anonymous person wrote that FUD piece on Binance and it doesn't even make sense. They claim that in reaction to this bitcoin fell from 111k to 104k, but the price on May 31st was 105k and it actually went up from there in the following days to reach 107k. If the news came out on may 31 and bitcoin went up, it means it had nothing to do with the news, or the news was fake.

[betswift]

How can they ban bitcoin if it has been banned for years? They even imposed a mining ban in 2021, but excluded Hong Kong, if I'm correct, so people there are still doing it.

According to Forbes the news about Chinese ban is fake.
https://www.forbes.com/sites/digital-assets/2025/06/04/no-china-did-not-just-ban-bitcoin-again/

IMO since bitcoin underwent a correction due to US tariffs and uncertainty about what the FED might do, some people used this opportunity to incite fear with fake news.
If any of you sold bitcoin because someone said that China banned it, I pity you.

I would also hope for such people to go to places, learn more, and see how news like that affects us: truly, those unprepared may of been gone out of the competition because of that situation.

[lionheart78]

I thought China struck again with banning crypto but it seems it is just a fake news as I browse the reply.  And another thing, how could China ban Bitcoin again if they are still on the strict regulatory stance and as far as I know China central bank had banned bitcoin and cryptocurrency since September 2021^[1] and the ban is yet lifted so how can they ban Bitcoin again when it was still banned?

Funny how fake news spreads out, people really do everything just to get views.  I think someone is orchestrating  FUD for the Bitcoin market in hopes for the price to dip so that they can buy BTC at a cheaper price.

[Danica22]

China either never made Bitcoin legal or China declared Bitcoin illegal a long time ago, which is why all this news no longer surprises people.
However, recently China has given more importance to gold than dollars in its strategic reserves.
However, whatever China does will definitely be against the United States, where if the United States attaches importance to Bitcoin, China will attach importance to the opposite of Bitcoin.

To be more precise, the Trump administration attaches importance to ​​Bitcoin, not the US, and this could reverse as his term ends. To date, the Democratic Party has maintained a negative stance on Bitcoin, Congress and the Federal Reserve have never considered adding Bitcoin to their reserves. The United States is also a country that values ​​gold more than any other asset as they remains the world's largest gold holder.

Also, China banned bitcoin from 2017 and 2021 while the US only became interested in bitcoin during Trump's term. So it cannot be said that China is banning or hostile to bitcoin just because it is against the United States. They banned it because it went against the standards and regulations of the communist regime.

[fikrett]

I thought China struck again with banning crypto but it seems it is just a fake news as I browse the reply.  And another thing, how could China ban Bitcoin again if they are still on the strict regulatory stance and as far as I know China central bank had banned bitcoin and cryptocurrency since September 2021^[1] and the ban is yet lifted so how can they ban Bitcoin again when it was still banned?

Funny how fake news spreads out, people really do everything just to get views.  I think someone is orchestrating  FUD for the Bitcoin market in hopes for the price to dip so that they can buy BTC at a cheaper price.

Maybe. Or maybe they would just want said views more than anything.

Still, the fact remains: always double-check.

[Z-tight]

So it is fake news, even if it was true, it changes nothing, they have banned different aspects of BTC and trading in the past, so even if they ban another aspect of it, then people shouldn't be worried about it, should they? Weak hands surprise me sometimes with how quickly they fall for fud or any lame story out there and they just start selling. I don't know who is going through the stress of spreading this fake news, but they sure have a motive for it.

[Leahized]

this is not the first time they did it, it started way back in 2013 and later in 2017, and so on with various reasons and various types of ban but now this just hit us.

Irony is that they made it illegal for their citizens to hold, trade, or mine while the government itself is accumulating bitcoin for a while.

It is very natural to ban Bitcoin. Every time Bitcoin mining is forbidden in China, everyone can be secretly managed. If you need a cheap internet for mining, if there is such facilities, then it doesn't seem like anyone will miss it. Bitcoin was legalized in the country next to me and it was possible to make Bitcoin transactions up to ATM. But for a year, it is not forbidden to turn around, yet people are secretly mining. However, I do not understand why the government declares Bitcoin illegally. If Bitcoin is valid in a country and the public used to use everyone, then that state is economically stronger. However, as much as Bitcoin is banned, all people will hold Bitcoin, mining and this is true.

[YOSHIE]

Irony is that they made it illegal for their citizens to hold, trade, or mine while the government itself is accumulating bitcoin for a while.

Yes, the news about the Chinese government issued a crypto ban on users had become headlines in the Chinese media and the Chinese government was not the first to issue such policies.

But interestingly it seems that investors no longer care about this prohibition, as I saw.

Although the ban comes from one of the world's largest crypto markets, many seasoned investors actually see this moment as a strategic opportunity to enter the market at a lower price.

From the Chinese banning policy to Bitcoin, investors actually think the opposite, this will show a new reaction from many investors to Bitcoin in the future.

[_BlackStar]

Sounds like a fud, yet even if they did probably just trying to tie a loose end and there's not going to be significant effect for current bitcoin, we're used to china banning anything.

Fortunately - the news is very likely to be considered unreliable. If China really bans bitcoin - then it is certain that the price of bitcoin will be affected, although it may not be significant. It depends on the market reaction - sometimes it can be significant or not because the FUD spread is so easy to influence some people.

As of current price action where bitcoin is correcting, I think it's natural. People see double top and panics, but I hope the structure gonna be broken.

Yes - corrections can be caused by many things, technically double tops are often considered as the reason before the price drops. I hope people don't overreact to the FUD that is being reported before they actually get the truth of the news. They need to get the official announcement and validate it - if not, I guess just ignore it.

[bitzizzix]

So it is fake news, even if it was true, it changes nothing, they have banned different aspects of BTC and trading in the past, so even if they ban another aspect of it, then people shouldn't be worried about it, should they? Weak hands surprise me sometimes with how quickly they fall for fud or any lame story out there and they just start selling. I don't know who is going through the stress of spreading this fake news, but they sure have a motive for it.

And even if the news is true, this is not the first time China is not pro-Bitcoin and there will be no negative impact with the increasing popularity of Bitcoin. And even if the ban is true, this will be good news for experienced or professional investors who will take advantage of this moment and consider it as the best and also strategic opportunity to buy or accumulate more Bitcoin because the news is temporary.

However, it can be negative for those who have weak hands and mentality but it will not have a big impact because negative news and positive news will always be there which makes it balanced and will not be a barrier that does not need to be taken seriously.