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Crypto trading platforms scramble to exit Chinese market in wake of most recent ban

Crypto trading platforms scramble to exit Chinese market in wake of most recent ban

Last updated 11th Aug 2022
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Two more crypto brokers and one platform offering services related to crypto transactions are leaving the Chinese market, Chinese medium 8BTC reported. Crypto exchange BitMart will be deleting user accounts connected to mainland China by November 30 to protect user assets and comply with Chinese regulations. It will no longer be offering services to people located on the mainland after that date, Bankless Times learned.

The exchange BitMart was launched in 2017. According to the official website, it has over 5 million investors. In July this year, BitMart underwent an integration with the Polygon network. Previously, the exchange only supported MATIC ERC-20 token payments. Now, funds can be transferred directly to the Polygon network, making the whole process more efficient.  

Biki stops accepting deposits

On Tuesday, September 28, crypto exchange Biki reported it would stop accepting all deposits. Its users are still able to withdraw. All operations in China will end on November 30. Users can redeem platform tokens until the end of October.

Feixiaohao, which means “not small numbers” in English, is a trading information platform, which is also turning away from the market. Today, a spokesperson stated the company intended to stop providing all services to China.

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Huobi and Binance were the first to leave

After Friday’s announcement by financial regulators that China was banning all crypto-related transactions, global exchanges Huobi and Binance stated they were withdrawing from the market. The Chinese government didn’t stop there, warning employees of exchanges based overseas that they would be investigated. They also called for increased censorship on providers of crypto-related data.

On Sunday, crypto exchange Huobi stated they would remove all mainland Chinese accounts by the end of the year. After the announcement, its native cryptocurrency Huobi token (HT) plummeted to an eight-month low. The exchange commented:

“Huobi Global will gradually retire existing China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users’ assets. We will inform users of the specific arrangements and details through official announcements, emails, text messages, etc.”

Binance had been blocked for almost 5 years

In response to the ban, the biggest exchange in the world reported it was no longer accepting registrations from Chinese mobile numbers. In 2017, China ordered local crypto exchanges to stop operating. Binance has been blocked in the country ever since.

A Binance spokesperson told Insider:

“Binance does not currently hold exchange operations in China. We can also confirm that Chinese mobile phone registrations are blocked and the Binance app is not available in China for downloading. Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate.”

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.