UNI Token Rises 20% as China’s Blanket Ban on Crypto Businesses Puts Focus on Decentralized Exchanges

On Friday, the People’s Bank of China (PBOC) declared all virtual currency-related activities illegal, banning offshore exchanges from serving mainland Chinese users. The statement also disqualified tether, the largest stablecoin globally, as legal tender along with bitcoin and ether, marking toughest crackdown to date.