China’s leading Bitcoin (BTC) mining pool owner predicts the end of crypto companies
BTC.TOP and B.TOP CEO Jiang Zhuoer have announced the closure of most of the small crypto companies in China. The owner of China’s leading Bitcoin (BTC) mining pool predicts the end for crypto companies as it faces massive losses due to a lack of resources to maintain law firms and businesses in China. Amid China’s infamous crypto crisis, from the nationwide mining ban to the exodus of great miners, many crypto companies could catch fire.
o cryptocurrency companies
Zhuoer’s comments come on a day when China’s central bank shut down a Beijing-based software company that was involved in cryptocurrency trading. The Central Bank of China banned the organization and deleted its website. The company said it focused on the entertainment industry with its own cryptocurrency token.
Jiang Zhuoer emphasized the sheer migration of large trading and exchange platforms to other countries, while small exchanges that cannot afford to operate overseas are being forced to close.
As a result, exchanges that do not have enough staff overseas will have difficulty operating outside of China or be forced to relocate their coin staff, similar to what happened in the case of Huobi in the US. As a result, the crypto circle in China is getting smaller and smaller towards extinction.
Meanwhile, retail investors and small crypto business owners are against the Chinese government for this repressive activity.
With the increasing support for the Defi ecosystem from governments and private organizations overseas, it is the smarter choice for investors and miners to move to a politically and socially positive crypto arena. China is determined to continue and expand its crypto crackdown.
All institutions involved in the decentralized financial structure of cryptocurrencies are targets in the eyes of the authoritarian government of China. The authoritarian nature of the Chinese Communist Party gives them access to the entire infrastructure of the country. Small crypto companies are unlikely to succeed in China due to their illegal status. People and platforms who continue to buy, sell and exchange cryptocurrencies in China can be at high risk of criminal penalties from the government.
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