China Crypto Roundup (Oct. 11-Oct. 17) :Crypto Companies Keep Escaping From China

1. Crypto Exchange MEXC Announces Retirement of Mainland Chinese Users Before December 31

MEXC has suspended the registration of new users in mainland China on September 28, 2021, and plans to perform an orderly clearance for users who are authenticated as mainland China before December 31.

2. China’s Public Prosecutors’ Law is studying the path of conviction for virtual currency, and it is expected to introduce judicial interpretations in the future

Several people familiar with the supervision said that after the issuance of the Central Bank’s “Notice”, the Judiciary organs are conducting research on virtual currency exchanges and “mining” and exploring specific paths for conviction and sentencing. It is expected that relevant judicial interpretations will be issued in the future.

3. Crypto financial service platform Matrixport will stop providing services to users in China

Matrixport, which was separated from Bitmain in 2019, issued an announcement stating that it will stop providing all products and services on the App to users in Mainland China from October 15, 2021 Beijing time.

4. Binance C2C will delisted the CNY trading area at 24:00 on December 31 (UTC+8)

In response to local government regulatory policy requirements, Binance C2C will delist CNY transactions. At the same time, Binance will conduct a check on platform users. If users in mainland China are found, their accounts will only be able to withdraw, redeem, and close positions. Binance will notify the corresponding users by email 7 days before the account changing.

5. OKEx’s new announcement said that they have started to focus on international market since 2017

The announcement: OKEx has shifted its business focus to the international market since September 2017. The website is not accessible in mainland China, and the APP has been removed. In the future, OKEx will continue to develop in the international market, continue to maintain the “exit the Chinese mainland market” policy, and will not set up offices and teams in mainland China.

6. Gate.io: we have blocked access from mainland China

Chinese crypto exchange Gate.io released a similar announcement as OKEx, saying that its website has blocked access from mainland China, and the App has been removed from all mainland China app stores. In the future, it will classify its services on the premise of ensuring the safety of user assets.

7. Geographical distribution of Bitcoin computing power: huge growth in the United States, Kazakhstan, and Russia, China has almost turned to zero

According to CCAF, the latest data show that as of the end of August, the US accounted for 35.4% of the global Bitcoin computing power, more than double the 16.8% at the end of April. Kazakhstan and Russia followed closely behind with 18.1% and 11%, respectively, up from 8.2% and 6.8% in April. China’s share is shown as zero. In 2019, China’s share reached a maximum of 75.5%. Industry analysts indicate that this also shows that the US, Kazakhstan, and Russia are the main destinations for Chinese miners to move overseas.

8. Zhejiang Province comprehensively rectifies the use of public resources to participate in virtual currency mining and trading activities

This action is aimed at the use of public resources from state-owned enterprises, scientific research institutions and other units to participate in “mining” activity. A comprehensive screening of 4699 IP addresses suspected of participating in virtual currency mining in the province was carried out, and 184 IP addresses of 77 units were sorted out and found to be suspected of using public resources to engage in mining activities.

9. AntPool Announced Business Adjustment Plan: Stopping IP Access in Mainland China from October 15th

Antpool will make the following adjustments:

-Launch the KYC system to authenticate global registered users to help users abide by the laws and regulations of their locations.
-Starting from October 15, 2021, the IP access in Mainland China (excluding Hong Kong and Taiwan) will be suspended.

10. BTC.com announces its withdrawal from the Chinese market on October 15

In order to comply with the latest regulatory policy requirements of the Chinese government, BTC.com will withdraw from the Chinese market on October 15, 2021, and will no longer provide services to users in mainland China.

The specific measures are as follows: starting from October 15, 2021, stop new users register in mainland China; mining services in mainland China will be shut down in an orderly manner.

11. Tencent banned Wechat users’s media accounts that ‘illegally publish virtual currency and mining-related information’

Tencent said that these accounts published virtual currency information in violation of regulations, advocate virtual currency “mining” activities, and distort national policies.

Publication date: 
10/19/2021 - 09:07
Author: 
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