Another crypto exchange stops providing access to users in China, while one more Chinese crypto trading company is about to close down
According to recent tweets from Chinese crypto journalist and blogger Colin Wu, the Coinex exchange announced a ban on new user registration and Renrenbit is spreading the word about bankruptcy next month.
More crypto exchanges are facing pressure in China
Colin Wu has tweeted that Coinex (the holder of 47th place, according to the CoinMarketCap scale) has stated that by Oct. 31, it will close all accounts of its users in mainland China and will close access to the platform via Chinese phone numbers.
Chinese accounts will be closed on October 31 at 4:00 p.m. Beijing time.
Another crypto trading venue that is closing down completely is Renrenbit, founded by Chinese “OTC king” Zhao Dong. The company announced that it will be shut down by October 30 and that the exchange’s native token, RRB, will be purchased from users with USDT.
Huobi drops all of its users in mainland China
Earlier this week, U.Today reported that the largest crypto trader in China, Huobi, is banning access to its products to all users in the mainland area of the country. Prior to that, the exchange made it known that it had stopped onboarding new users from that region.
Many crypto exchanges at the moment are either closing down completely or withdrawing their services from mainland China due to the recent China crypto ban forced by the Chinese Central Bank and the Communist Party authorities on digital currency transactions and cryptocurrency miners.
Centribillionaire Elon Musk recently felt that crypto threatens the power of the Chinese Communist Party, hence the tightening of crypto regulatory policies.
