More Crypto Platforms Exit China Following Ban on Transactions

Blockonomics is a decentralized and permissionless bitcoin payment solution

At least 18 platforms providing services related to crypto have either announced they are exiting the market in China or are now inaccessible, Chinese media reported Tuesday.

Crypto exchange BitMart said it will clear out user accounts registered to mainland China by Nov. 30 in order to comply with Chinese regulations and “safeguard user assets.” After that date, it will stop providing all services to users in mainland China.Trading information platform Feixiaohao (which translates into “Not small numbers”) said it will stop providing all services to China on Tuesday.Crypto exchange Biki said it will stop accepting all deposits on Tuesday, allowing users only to withdraw, so that it can cease all operations in China by Nov. 30. Platform tokens will be repurchased until Oct. 31.Trading information provider TradingView has been inaccessible in China on Tuesday, according to monitoring site Crypto-focused sites CoinGecko and CoinMarketCap were also blocked late on Monday, the Block reported.At least another 11 companies have reportedly stopped offering services to Chinese users, Medium reported.On Friday, China’s top financial regulators said they are banning all crypto-related transactions, warning employees of overseas-based exchanges that they will be investigated, and called for increased censorship on crypto information providers.Crypto exchange Huobi said on Sunday it will remove all mainland Chinese accounts by the end of the year.BitMart was founded in 2017. It has received investment from Shanghai-based Fenbushi Capital and has more than 5 million investors, according to its website.

Read more: Alibaba to Stop Selling Crypto Mining Machines

UPDATE (Sept. 28 10:29 UTC) Adds information about TradingView, CoinGecko, and CoinMarketCap; changes first paragraph to include more firms.


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