More Crypto Platforms Exit China Following Ban on Related Transactions: Reports

More Crypto Platforms Exit China Following Ban on Related Transactions: Reports

Blockchain Featured Technology
September 29, 2021 by Kofi Ahmed
190
Two more crypto exchanges and a crypto information platform are giving Chinese users the boot.
More Crypto Platforms Exit China Following Ban on Related Transactions: Reports

Three more platforms providing services related to crypto trading announced they are exiting the market, Chinese media 8BTC reported today.

  • Crypto exchange BitMart said it will clear out user accounts registered to mainland China by Nov. 30 in order to comply with Chinese regulations and “safeguard user assets.” After that date, it will stop providing all services to users in mainland China.

  • Trading information platform Feixiaohao (which translates into “Not small numbers”) said it would stop providing all services to China on Tuesday.

  • Crypto exchange Biki said it would stop accepting all deposits on Tuesday, allowing users only to withdraw, so that it can cease all operations in China by Nov. 30. Platform tokens will be repurchased until Oct. 31.

  • On Friday, China’s top financial regulators said they are banning all crypto-related transactions, warning employees of overseas-based exchanges that they will be investigated, and called for increased censorship on crypto information providers.

  • Crypto exchange Huobi said on Sunday it will remove all mainland Chinese accounts by the end of the year on Sunday.

  • BitMart was founded in 2017. It has received investment from Shanghai-based Fenbushi Capital, and has over 5 million investors, according to its website.

Source: CoinDesk

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