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The PBoC’s ban on cryptocurrency transactions is leading to an exodus in China

Updated: Jul 25, 2024
Published: Sep 28, 2021
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An increasing number of cryptocurrency service providers are leaving China following the latest ban on crypto transactions.

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Crypto exchanges are leaving China

China’s latest ban on cryptocurrency transactions and services has seen numerous companies announce their exit from the Asian country. Accessing the cryptocurrency market would become harder for Chinese citizens.

Earlier today, Crypto exchange BitMart revealed that it will shut down user accounts registered to mainland China by Nov. 30 in order to comply with Chinese regulations and “safeguard user assets.” The exchange will proceed to stop providing all services to users in mainland China.

Another cryptocurrency exchange, Biki, stated that it would no longer cease operations due to the latest regulation in China. The exchange said,

In response to regulatory policy requirements, BiKi platform (official website: biki.com and biki.cc) has ceased new user registration and KYC for Mainland China from 2021/9/26. As for existing users, our platform shall ensure the safety of their assets while providing adequate time for users to make exit clearance before the official cessation of operation on 2021/11/30. The details of the exit clearance will be notified to the users via announcements, emails, system messages, SMS and etc.
Medium has reported that at least another 11 cryptocurrency companies have reportedly stopped offering services to Chinese users.

Huobi and Sparkpool have already exited China

The latest developments come after the  People’s Bank of China announced last week that all services that allow fiat currencies to be exchanged with crypto assets or between crypto-assets themselves will now be treated as illegal activities.

So far, crypto exchange Huobi and Ethereum mining platform Sparkpool have announced that they will discontinue their services in China. Coinmarketcap and Coingecko, the two leading cryptocurrency data sites, have also been blocked by China’s internet firewall. Alibaba has also announced that it will block the sales of cryptocurrency mining equipment on its platform starting next month.

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