Yet Another Crypto Exchange Is Pulling Out Of China

Yet Another crypto exchange is pulling out of China. CoinEx also announced that it will stop serving its customers in mainland China.

While the ban operation against the cryptocurrency community, which started in China in May, continues unabated, the People's Bank of China (PBOC) declared all cryptocurrency transactions illegal in a statement last Friday and said, "All crypto-related transactions are illegal." CoinEX, one of the major cryptocurrency exchanges, also announced today that users in mainland China will no longer be able to benefit from the services of the exchange. The exchange made the following statements: “We will completely exclude users from mainland China to comply with the requirements of the Chinese government's regulatory policies. If you still have funds in your account, you can continue to use it without any problems before 4 pm, October 31, 2021, Beijing time. Please complete the disposal of your assets as soon as possible before this time. Accounts without funds will be closed on 30 September.” A few days ago, Huobi Global, one of the major exchanges that was established in China but moved its headquarters outside the country before, also announced that all accounts belonging to Chinese users will be suspended until the end of this year. Bitcoin, which was traded at $ 45 thousand before China's announcement, fell below $ 43 thousand with the statement, and fell to $ 41 thousand in the last week.