China Crypto Ban: Over 20 cryptocurrency companies withdraw from Chinese market
The latest development in the Chinese Crypto ban has revealed that, as of October 7, over 20 virtual currency companies have suspended services for Chinese users, followed by an absolute withdrawal from the Chinese market, according to local news sources cited by the Chinese Journalist, Colin Wu on Twitter.
China Securities Daily: Over 20 cryptocurrency companies announced their withdrawal from the Chinese market. https://t.co/8VxaZ9Qb2S
— Wu Blockchain (@WuBlockchain) October 8, 2021
As People’s Bank of China (PBoC) updated its crypto ban guidelines by the end of last month in lieu of rectifying the “virtual currency hype”, many crypto businesses began shutting down operations to prevent further regulatory confrontation. The latest guidelines extend into even the smallest aspect associated with cryptocurrencies and break them from the core.
The Chinese central bank’s guidelines to completely banish the “illegal” and “highly speculative” crypto market circled around banning three core crypto activities including, crypto mining, crypto trading, and service offerings by Foreign crypto exchanges to Chinese customers.
Huobi is all Packed up and ready to leave the Chinese market
Followed by the Chinese Central Bank’s announcement, the cryptocurrency exchange giant, Huobi declared the suspension of new account openings, along with ending new account registrations for its Chinese users in lieu of the latest policies against crypto exchanges. Huobi had already announced the closure of even the existing accounts of mainland China users by midnight on Dec. 31, 2021. Earlier this month, the exchange platform issued an announcement again, confirming the details of the withdrawal time of users in China.
After being China’s native exchange for years, Huobi’s fallout appears surreal to the Chinese crypto community. However, as time passes the exchange’s shut down in the nation is gaining speed. Recently, Huobi’s second person and COO, Zhu Jaiwei made a public resignation. Nevertheless, the founder explained that Zhu Jaiwei had already quit earlier this year, but the exchange kept the news hidden to prevent panic. Furthermore, Huobi founder, Li Lin is moving out of China and has publicly apologized to the community via WeChat, claiming that his departure is intentioned towards his family’s safety.
Huobi founder Li Lin: I'm sorry for Chinese users. I don't want to go abroad for the sake of my family. If you don't have Huobi, you still have binance and okex. pic.twitter.com/FQ5Kb1jBC0
— Wu Blockchain (@WuBlockchain) October 6, 2021
- Is Trump Family, Mr. Beast Buying ASTER Token? Rumors Gain Strength
- Solana ETF Update: Grayscale, Fidelity, Others Files S-1 With Staking, Approval Expected in Two Weeks
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
