Did China Ban Crypto Again? | Live Crypto Updates | Aug. 03, 2025

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 From China to the U.S., from Visa to Gate.io, we’re tracking today’s most important crypto and AI stories as they unfold. This article will be updated throughout the day.

5:00 am: Rumors of New China Crypto Ban Circulate Online Despite Lack of Evidence

Social media accounts have reignited rumors that China has imposed a fresh ban on cryptocurrencies, though no official statements or regulatory notices have been issued.

Industry analysts and China-based sources have dismissed the claims as unfounded.

Key facts countering the rumor include:

• Hong Kong, under China’s “one country, two systems” framework, is actively piloting crypto adoption with licensed exchanges, tokenized bonds, and a clear regulatory framework.
• Individual crypto ownership and transactions are not illegal in mainland China, though financial institutions remain restricted from offering crypto-related services since 2021.
• Bitcoin mining still persists in several regions despite the 2021 enforcement campaign targeting energy-intensive operations.
• Stablecoins and real-world assets (RWAs) are gaining interest among Chinese officials.

No new policy directive or enforcement action has been published by the People’s Bank of China or related agencies.

6:00 am: Visa and Mastercard: Stablecoin Adoption Remain Minimal

Rising momentum behind stablecoins is fueling uncertainty around the long-standing dominance of Visa and Mastercard in U.S. payments. Despite solid earnings, Visa posted an 8% increase to $5.3 billion and Mastercard 14% to $3.7 billion, investor attention is shifting to the potential threat posed by stablecoin issuers like Circle Internet Group, whose valuation recently surged past $40 billion.

Executives at both card networks downplayed stablecoin risk during this week’s earnings calls, noting adoption remains minimal compared to the $15 trillion processed annually on Visa’s rails.

7:00 am: Gate US Officially Launches, Offering Spot Crypto Trading to U.S. Customers

Gate US, a localized crypto platform operated by global exchange Gate Group, has officially launched in the United States. The platform now offers spot trading services focused on U.S. users, with an emphasis on security, simplicity, and regulatory compliance.

Initially offering crypto-to-crypto trading pairs, Gate US plans to add fiat deposit and withdrawal options, custodial wallets, and integration with local payment systems. Backed by Gate Group’s global infrastructure, the platform promises high-speed matching and strong risk controls.

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