- As the ban ensues, three more crypto platforms exit China.
- These exchanges are BitMart, Feixiaohao, and Biki.
When China declared that crypto is illegal — that it is “not protected by law”, the world was surprised. Because of this, crypto platforms gradually pulled out and relocated their operations to other countries.
According to reports, more platforms have ceased their operations in China and some are planning to stop as soon as possible. These platforms are BitMart, Feixiaohao, and Biki. Even Alibaba International announced a ban “on the sale of all cryptocurrency mining machines” as seen in its Twitter account:
Under Chinese regulatory pressure, Alibaba International Station announced a ban on the sale of all cryptocurrency mining machines. pic.twitter.com/rW1iySx4LX
— Wu Blockchain (@WuBlockchain) September 28, 2021
In detail, the crypto exchange BitMart, said that it will clear out all user accounts that are registered in Mainland China. More so, it is planning to complete the seamless liquidation work before November 30, 2021 (24:00, UTC +8). BitMark also mentioned that after this, it will no more provide any platform-related services to users in Mainland China.
On the other hand, Feixiaohao also expressed its take on the matter in an article. Here, Feixiaohao noted that it has already “terminated the service to users in Mainland China from September 28, 2021”.
Finally, Biki released an announcement, saying “BiKi platform has ceased new user registration and KYC for Mainland China from September 26, 2021… The platform will officially cease its operation on November 30, 2021. After which, users will not be able to access our official website and APP.”
This ongoing matter regarding China’s crypto ban affects the crypto industry one way or another. Moreover, the public is yet to see how things will turn out in the next few months.