China to ban owning Bitcoin? Gate.io to pay $30M over liquidations: Asia Express

Rumors of the bitcoin ban in rampant China

The cryptography industry has never lacked rumors suggesting that China is preparing for a sub-flue bitcoin since the country’s repression in 2021 on trading and exploitation of cryptography.

But last week, the story overturned, some media claiming that China now prohibits the property of Bitcoin. One of the most disseminated stories came from Financial Express based in India, which cited an alleged report of “binance”.

The magazine found no report of this type written by Binance and the exchange did not respond to a request for comments. The magazine has also found no support report from Chinese state or official government sources.

However, a position of May 30 on Binance Square says that China has announced a new ban on holding the crypto, including Bitcoin. Binance Square works as a social sharing platform for the exchange community. His terms and conditions claim that Binance will not be responsible for content errors shared by users.

A general ban on the possession of cryptography would be very unusual, even for China. Despite the restrictions on trade and mining, the Chinese courts have repeatedly ruled that cryptocurrencies are legally recognized as property. In November 2024, a Shanghai judge said that cryptographic assets are not explicitly prohibited and described Bitcoin as a commodity.

Gate.io faces a compensation invoice of $ 30 million

A sudden price of prices in the perpetual contract of Lagrange-USDT on Gate.io triggered community indignation, several traders signaling forced liquidations and even negative balances within seconds following the opening of short-term stations.

The drama started when Binance announced that it would list Lagrange ($ la) on its Alpha program, an early access platform for new tokens. The merchants of the cryptography market have seen a familiar opportunity given that alpha classified tokens often fall in price shortly after registration.

Many traders expected that it followed the same scheme and rushed to short-circuit the token. Gate.io was one of the only exchanges that offered the option at the time.

But instead of an accident, the price of $ on Gate.io increased up to $ 25 when it was negotiated less than one dollar on other scholarships, triggering a liquidation cascade.

Some users have accused Gate.io of manipulating prices, negotiating against users or executing a coordinated liquidation scheme. Others criticized the decision to list a very illicidy token like $ for lever effect in the first place. A position said that a merchant had finished more than $ 200,000 in red.

Gate.io has struck the $ perpetual in about 15 minutes after launch, citing “abnormal price behavior”.

The Director of Bourse Affairs, Kevin Lee, published an answer, denying any manipulation. According to Lee, the tip was caused by a “index price feed anomaly”, which was aggravated by the automated risk controls of the exchange.

“There was no internal manipulation, no liquidation of elite shooters and no deliberate targeting of users,” he wrote.

Gate said he had struck down the contract $ A to limit other damage. He promised to repay all the accounts that have plunged into negative sales and will allow users to keep any benefit of legitimate trading. The total stock exchange invoice should exceed $ 30 million.

Shanghai adopts the blockchain for documents

The Shanghai Pudong District will officially apply the rules of electronic documents based on blockchain from July 1.

Pudong authorities have published a document of 16 articles on the rules for E-Document Document Applications based on blockchain. He describes the way in which companies and government organizations should deploy official documents on blockchains, such as management, broadcast and verification.

These rules were approved internally on April 30 after the Local Congress of Shanghai adopted the first localized law of the country specifically governing documents compatible with blockchain on December 31, 2024. Pudong rules were made public on June 3.

The implementation rules specify the technical and operational requirements such as the authenticity of documents, the verification of digital identity, cross interoperability and the reliability of the system.

They also promote cross-border data flows, integration with the digital currency of the Chinese Central Bank (E-CNY) and the development of international standards that can help position Pudong as a blockchain innovation center for digital trade.

Crypto influencers face the repression in the Philippines

Cryptographic influencers in the Philippines can no longer promote digital tokens or crypto-active services without appropriate authorization under new rules issued by the Securities and Exchange Commission (SEC) of the country.

The latest Watchdog political directive on the market applies stricter restrictions on marketing and public offers – effectively prohibiting numerous common practices without official authorization.

The rules not only target recorded crypto companies, but also third -party service providers, including people who promote online tokens. Publications on social networks, YouTube videos, podcasts and even educational content could be the definition of “marketing” if the creator receives a form of remuneration or more. Those found in violation could incur fines, suspension or even up to five years behind bars.

The SEC has said that individuals who publish educational content linked to the crypto will be presumed to be marketing a financial product unless they can prove that the content is made in good faith, strictly for educational purposes and without advantage. Otherwise, they must be registered as financial advisers or disclose as an agents of the cryptographic asset service provider that they were responsible for promoting.

Even air parameters are subject to a meticulous examination. The rules specify that an air card will not be considered free if the recipient abandons data, value or non -monetary benefits in return.

In addition, any entity offering crypto assets to the public to the Philippines must now register as a company and secure the authorization of the SEC or the regulators concerned. This includes companies that carry out exchanges, the offer of tokens through initial offers of parts (ICO) or to engage in cryptographic intermediation activities such as brokerage, advice or guard services.

Get down

The most engaging can be read in the blockchain. Delivered once a week.

Yohan Yun

Yohan Yun has been a multimedia journalist covering the blockchain since 2017. He has contributed to Crypto Media Outlet Forkast as an editor and covered Asian technological stories as an assistant journalist for Bloomberg BNA and Forbes. He spends his free time cooking and experimenting with new recipes.