China recently dropped the news that the country is banning crypto-related activities, and it is not sparing those people and companies providing services to overseas exchanges as well. The country’s top authorities — including the central bank as well as its judicial, public security and banking authorities — released a joint notice on Sept. 24 to announce the stepped-up ban, reflecting the nation’s toughest rules yet against the crypto industry. However, its full legal ramifications remain unclear as to how far Chinese investigations and law enforcement could reach. Many industry players were swift to react to the new restrictions. Crypto...