More and more cryptocurrency companies are leaving China amid new government bans. Three more platforms announced their withdrawal from the Chinese market – BitMart, Feixiaohao and Biki.
According to the 8BTC publication, three more platforms providing cryptocurrency services have announced their withdrawal from the Chinese market. Cryptocurrency exchange BitMart said it will remove user accounts from China by November 30 to comply with the new regulation and “protect user assets.” After November 30, the exchange will no longer provide services to Chinese users.
Trade information platform Feixiaohao also announced that it will stop providing services to users from China from today. Biki cryptocurrency exchange made a similar announcement – the site will stop accepting deposits, but will leave cash withdrawals available for Chinese users until November 30. Platform tokens will be redeemed by October 31st.
Last Friday, the People’s Bank of China (PBOC) issued a circular expanding the ban on cryptocurrency transactions for businesses and declaring them illegal financial activities. The government also warned employees of foreign cryptocurrency exchanges that their activities could be the subject of thorough investigation by the authorities, and called for increased censorship of suppliers of crypto-related information.
Following the NBK’s announcement, exchanges Huobi and Binance have suspended services for new traders from the PRC, and the two largest mining pools – F2Pool and Sparkpool – have taken drastic measures due to new bans. The DeFi industry benefited from the new situation – the price of DEX tokens increased significantly, and trading volumes in some DeFi protocols exceeded the volumes of large centralized exchanges.
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