{"id":46009,"date":"2021-07-13T14:57:28","date_gmt":"2021-07-13T11:57:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46009"},"modified":"2025-09-01T14:12:42","modified_gmt":"2025-09-01T11:12:42","slug":"jihan-wu-sees-positives-in-regulators-pressure-on-the-cryptocurrency-industry","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/jihan-wu-sees-positives-in-regulators-pressure-on-the-cryptocurrency-industry\/","title":{"rendered":"Jihan Wu sees positives in regulators’ pressure on the cryptocurrency industry"},"content":{"rendered":"

Tighter oversight by regulators could benefit the cryptocurrency industry, billionaire and Bitmain co-founder Jihan Wu said in a comment CNBC<\/a>.<\/p>\n

In his view, regulation “filters out malefactors” and improves the industry’s reputation amid rapid growth.<\/p>\n

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“Regulatory pressure is stronger than before. [\u2026] I think such aggressive enforcement could be beneficial in the long run,” Wu noted.<\/em><\/p>\n<\/blockquote>\n

He also suggested that more active engagement between representatives of the cryptocurrency industry and authorities is necessary and would likely yield positive results.<\/p>\n

As an example, the billionaire pointed to Singapore, where his crypto-financial enterprise Matrixport is based. Wu said that the government of the country has taken a sensible position on its relations with the digital-asset space.<\/p>\n

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“There are many compelling reasons for Singapore to become a hub of crypto-innovation,” he added.<\/p>\n<\/blockquote>\n

In May, three associations under the People’s Bank of China issued a joint notice forbidding companies to support cryptocurrency-related business<\/a>.<\/p>\n

Later Liu He stated that the authorities planned to take measures<\/a> in relation to digital-asset mining and Bitcoin trading.<\/p>\n

Over the course of the month, authorities in several Chinese provinces ordered miners to cease operations. Among them: Yunnan<\/a>, Sichuan<\/a>, Qinghai<\/a>, Xinjiang<\/a> and Inner Mongolia<\/a>.<\/p>\n

Bitmain offered its clients help<\/a> in relocating abroad. The American mining company Foundry predicted that by the end of June about 90% of Chinese cryptocurrency mining enterprises will shut down equipment<\/a> due to prohibitive measures by authorities against the industry.<\/p>\n

In June, the cryptocurrency exchange Binance faced regulator pressure. A probe into the platform’s operations began on the Cayman Islands, in Thailand accused<\/a> it of operating without a license, and in Japan another warning was issued<\/a>. The Polish regulator urged caution in using the platform<\/a>.<\/p>\n

The UK’s Financial Conduct Authority banned Binance Markets Limited<\/a> from any regulated activity in the country without prior written approval.<\/p>\n

Earlier, Gemini co-founder Cameron Winklevoss <\/a> said he planned to beat Binance in the regulatory battles in light of its troubles with regulators.<\/p>\n

Follow ForkLog’s news on Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Tighter oversight by regulators could benefit the cryptocurrency industry, billionaire and Bitmain co-founder Jihan Wu said in a CNBC comment.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[227,36],"class_list":["post-46009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-jihan-wu","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=46009"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46009\/revisions"}],"predecessor-version":[{"id":46010,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46009\/revisions\/46010"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=46009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=46009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=46009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}