Crypto services stop serving mainland Chinese citizens
More and more cryptocurrency companies are turning away from serving users in mainland China. Local media reported that at least 18 platforms intend to leave the country's market.
One of these was the large cryptocurrency exchange BitMart, whose representatives announced the removal of customer accounts from the PRC by November 30, 2021. According to the team, this is done solely for regulatory compliance and “protecting user assets”. After November this year, BitMart services will no longer be available to residents of mainland China.
Feixiaohao joined the wave of restrictions by announcing the end of services to Chinese citizens starting today.
Biki cryptocurrency exchange also decided to introduce a ban today, and registration of new users has become unavailable since September 26. The Biki team issued a note stating that the acceptance of deposits will be closed, but the withdrawal of existing funds within the platform remains open. However, there is no guarantee that by November 30th this feature will not be limited in accordance with the new rules. The platform's tokens are going to be redeemed by the end of October 2021.
Mining pools were no exception. SparkPool, the largest Ethereum pool, announced the completion of work both domestically and internationally.
According to GreatFire.org, in parallel with the introduction of a ban on trading cryptocurrencies and emerging notifications of termination of service from exchanges, resources such as TradingView, CoinGecko, and CoinMarketCap, which monitor the cryptocurrency market, have become unavailable.
And while some experts are convinced that "crypto-repression" by the Chinese authorities will benefit the development of the industry in the US and European countries, local cryptocurrency analysts are skeptical. The former head of the Chinese BTCC exchange, Bobby Lee, said that the government's actions will inevitably lead to the closure of OTC platforms controlled by the largest trading floors. Although, despite such a disappointing forecast, he is still convinced that the value of Bitcoin will exceed 100,000 by the end of 2021.
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