Three crypto platforms impose restrictions on Chinese users

Three crypto platforms impose restrictions on Chinese users

Beijing's repressive policies towards the cryptocurrency industry have forced several companies to impose restrictions on working with PRC customers. One of them announced it was shutting down.

On 27 September, BitMart banned new users from China. The platform will stop serving existing customers on 30 November 2021.

BitMart will no longer provide any services in mainland China. All affected [restricted] users will be informed by email, text message, etc. Withdraw your assets as soon as possible, the notice said.

Analyst platform Feixiaohao made a similar statement. Service to Chinese users will cease on September 28, 2021, according to a screenshot published by 8BTC.

Cryptocurrency exchange Biki has stopped registering new users from the PRC since September 26. Existing customers can withdraw funds and the platform will cease operations on 30 November. The platform's tokens will be redeemed by October 31.

Earlier, Binance and Huobi exchanges closed the possibility of registering new users in mainland China.

Ethereum's largest mining pool, SparkPool, announced it would stop serving Chinese users and then stop operating outside the country.

Online commerce giant Alibaba has announced a ban on the sale of bitcoin miners on its platform.

According to media reports, Chinese users have lost access to CoinGecko and CoinMarketCap analytics services.

Recall that on September 24, China's State Development and Reform Committee pointed out the negative impact of mining on the environment and its "insignificant" contribution to the country's economy.

The People's Bank of China described as illegal the activities of platforms that exchange digital assets among themselves or for fiat.

Previously, the regulator's spokesman, Wen Xinxiang, called cryptocurrencies and staplecoins a threat to the traditional financial system.

These developments come against the backdrop of the successful launch of bitcoin as a national currency in El Salvador. The president reported the other day that more than two million people in the country already use cryptocurrency as their primary source of payment for goods and services.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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