Bitcoin (BTC), Cryptocurrency, Cryptocurrency Exchange, News, Regulation

Cryptocurrency Platforms Begin Announcing Exit Plans From China After The Ban

Crypto exchanges and other crypto-related platforms started announcing the exit of their Chinese entities in the market after the ban placed on crypto in the nation.

Platforms like Feixiaohao, BitMart, and Biki Pulled out of the Market in China Already

A few days ago, the Chinese government announced that all crypto-related transactions in the country are now illegal. As a result of this, many crypto-related platforms began to pull out of the market naturally, while the government shut down some by themselves, like TradingView and others.

Till now, nothing less than 18 concerned platforms have made announcements in this regard. While some of them gave dates for their exit, others were already inaccessible in the country.

Cryptocurrency Exchange, Biki has announced that from Tuesday, the platform will not be accepting deposits, and only coins withdrawal will be available for now. The company will still continue to acquire some specific tokens till October 30, while it will shut down its operations by November 30 in the region.

Another notable crypto exchange in the region to follow suit is Feixiaohao, which put up a notice for its complete exit from the Chinese markets by Tuesday.

Adding to the list is Huobi, which is removing all the mainland Chinese accounts from its platform by the end of the year. Long before the ban, Huobi has stopped some services offering like Derivatives in the country.

With the crypto ban now official, the Chinese government is looking to strengthen its previous crackdown on cryptocurrency mining to enhance the achievement of its carbon emission goals.

Considering the new Chinese regulation in crypto, Alibaba, a popular e-Commerce store in China, has decided to take down all the sales of mining instruments on its website.

The Effect on the BTC Price

The news of the ban of cryptocurrencies from China has caused a drop in price for BTC and other digital assets. Following the announcement, Bitcoin has lost $4,000 in value in a quick nosedive that sees the price drop from $45,000 to $41,000. Currently, the price of the asset ranges around $41,500, a 3.6% drop in the last seven days. Altogether over the past month, BTC has lost 14.5% of its value.

Incidentally, the services of TradingView in the country have been shut down too.

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