More than 20 crypto companies are pulling out of China after the recent ban
According to the China Securities Journal, Ban The new China is causing more than 20 companies involved in crypto-related areas (trading, mining, etc.) to leave the mainland.
Among them is the largest exchange in the region – Huobi. In addition, the country’s Inner Mongolia Autonomous Region recently closed 45 cryptocurrency mining projects.
More exchanges and miners are leaving China
The new crypto ban in China was officially announced in September with smaller tentative bans, mostly against crypto miners, that have been in place since May earlier this year when Elon Musk tweeted that Tesla stopped Bitcoin due to carbon emissions issues accepted and stated that BTC miners should switch to renewable energy.
Chinese authorities have taken a similar step, but on a much larger scale, and started cracking down on crypto miners in local energy centers.
Currently, on October 7th, more than 20 companies working with cryptocurrencies announced their intention to withdraw completely from the Chinese market as all crypto transactions were classified as illegal.
The Huobi exchange had previously suspended the registration of new user accounts on September 24th. Two days later the plenary announced the withdrawal of the troops. However, according to Chinese crypto journalist Colin Wu, the decision was made a day before the crypto ban was announced.
BiKi, BHEX, CoinEx and Renrenbit are taking similar steps. Huobi has urged customers to move their funds to other platforms and wallets, and announced that it will cease operations entirely in mainland China by the end of December.
On September 24th, the largest Ethereum mining pool, Spark Pool, was also closed to Chinese users. Likewise NBMINER – the company that produces software for mining machines.
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According to U.today