More cryptocurrency platforms are fleeing China following ban

  • According to Chinese media, at least 18 crypto-related sites have either declared their withdrawal from the market or have been unreachable
  • Repurchases of platform tokens will be available until October 31. According to the monitoring site GreatFire.org, trading information provider TradingView was unavailable in China on Tuesday
  • China stated on Friday that all crypto-related activities, including those supplied by offshore exchanges, will be considered an illegal financial activity

According to Chinese media, at least 18 crypto-related sites have either declared their withdrawal from the market or have been unreachable. BitMart, a cryptocurrency exchange, has announced that it would clean all customer accounts registered in mainland China by November 30 to comply with Chinese rules and protect user assets. 

It will discontinue offering all services to mainland Chinese consumers after that date. On Tuesday, trading information portal Feixiaohao (which means Not tiny numbers) announced that it will cease all operations in China. Biki, another cryptocurrency exchange, said on Tuesday that it will stop taking all deposits, enabling customers to only withdraw, in order to end all operations in China by November 30, 2021. 

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According to the monitoring site GreatFire.org, trading information provider TradingView was unavailable in China on Tuesday. CoinGecko and CoinMarketCap, two crypto-focused websites, were also blocked from late Monday, according to the Block. According to Medium, at least 11 more firms have allegedly ceased providing services to Chinese consumers. China’s top financial authorities announced on Friday that they are prohibiting any crypto-related transactions, have warned workers of overseas-based exchanges that they would be investigated, and have asked for tighter control of crypto information providers.

Huobi, a cryptocurrency exchange in another one of them who has decided to close its all mainland Chinese accounts by the end of the year. BitMart was established in the year 2017. 

According to its website, it has secured funding from Shanghai-based Fenbushi Capital and has over 5 million investors. China stated on Friday that all crypto-related activities, including those supplied by offshore exchanges, will be considered illegal financial activity. The warning, which was issued by ten government organizations including the central bank, the Supreme Court, and market and cyberspace regulators, was the most comprehensive and severe blow to the business yet.

Steve

Steve Anderrsonhttp://www.thecoinrepublic.com

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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