JAKARTA - After China reportedly banned crypto mining and trading, a number of crypto exchange platforms decided to leave the Bamboo Curtain country. This information first emerged from local media 8BTC recently.
According to Coindesk, there are three crypto exchanges that will leave China, namely Bitmart, Feixiaohao, and Crypto Biki. BitMart said it would delete user accounts registered on the platform on November 30 in order to comply with Chinese regulations and "safeguard user assets." After November 30, the service will be stopped for mainland Chinese users.
Meanwhile, the Feixiaohao platform announced that it will stop all of its services in China in the near future. Finally, the Biki cryptocurrency exchange reported that it would stop all payments including deposits for Chinese users on Tuesday in order to close its services on November 30. However, platform tokens will be available for purchase again on October 31.
A few days ago, China's financial regulator, PBoC announced to ban all transactions related to cryptocurrencies. China's central bank warned all employees of exchanges based overseas for further investigation and called for tightening censorship of crypto information providers.
In addition, the Huobi crypto exchange will reportedly close all user accounts from mainland China by the end of this year. While BitMart, which has been established since 2017, has received an injection of funds from Fenbushi Capital, a company based in Shanghai. BitMart is also rumored to have around 5 million investors, according to a report from its official website.
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