Three crypto platforms impose restrictions on users from China

Three crypto platforms impose restrictions on users from China

Beijing's repressive policies towards the cryptocurrency industry have forced several companies to impose restrictions on working with customers from China. One of them has announced it is shutting down.

On 27 September, exchange BitMart banned the registration of new users from China. The platform will stop serving existing customers on 30 November 2021.

"BitMart will no longer provide any services in mainland China. All affected [restricted] users will be informed by email, text message, etc. Withdraw your assets as soon as possible," the notice said.

Analyst platform Feixiaohao made a similar statement. Service to Chinese users will cease on September 28, 2021, according to a screenshot published by 8BTC.

Cryptocurrency exchange Biki has stopped registering new users from the PRC since September 26. Existing customers can withdraw funds and the platform will cease operations on 30 November. The platform's tokens will be redeemed by 31 October.

Earlier, Binance and Huobi exchanges closed the possibility of registering new users in mainland China.

Ethereum's largest mining pool, SparkPool, announced it would stop serving Chinese users and then stop operating outside the country.

Online commerce giant Alibaba has announced a ban on the sale of bitcoin miners on its platform.

According to media reports, Chinese users have lost access to CoinGecko and CoinMarketCap analytics services.

Recall that on September 24, China's State Development and Reform Committee pointed out the negative impact of mining on the environment and its "insignificant" contribution to the country's economy.

The People's Bank of China described as illegal the activities of platforms that exchange digital assets among themselves or for fiat.

Previously, the regulator's spokesman, Wen Xinxiang, called cryptocurrencies and staplecoins a threat to the traditional financial system.

Best Bitcoin wallets. Of the best wallets for storing and managing New cryptocurrencies reviewed. Buy Bitcoin: The Best Crypto Exchanges & Crypto Brokers. Top 10 Trading & Broker Apps in detail.

Singapore startup tokenises project carbon credits from PRC

Related Posts

Suspected masterminds of $62m cryptocurrency laundering scheme detained in Australia

Centre consortium launches USDC stablcoin on Hedera Hashgraph blockchain

Morgan Stanley chief says clients have little interest in bitcoin

Vatican criticises role of cryptocurrencies in illegal migration