Another Chinese crypto exchange closes, forced to go out of business due to new crypto ban
Chinese crypto news outlet 8BTCnews has reported that one more crypto exchange in China is shutting down. The process will be complete by October 21.
BitZ ceases operations, quits business: details
Today, on Oct. 8, BitZ crypto exchange—which has been working for four years now in China—announced on its website that it has begun a gradual shutdown.
The announcement says that on September 26, when new regulatory requirements were issued by the Chinese government and the Central Bank (PBOC), it suspended the influx of new users to the platform.
Existing Chinese users will be able to withdraw their funds to other exchanges and wallets before Oct. 21. User funds are completely safe, the BitZ team assured.
As of October 8, the exchange stopped accepting deposits from users in all parts of China. Only trading and withdrawals will remain.
Manual crypto withdrawals after October 21 when verifying user data
On October 14, the trading function will be deactivated. Unfinished positions will be closed automatically. The remaining assets will be transferred to the account where the respective cryptocurrency is stored.
On October 21, users will not be able to access the exchange’s website. After October 21, withdrawals of major assets – Bitcoin, Ethereum, and USDT – will only be done manually via email after the user’s identity has been verified.
The exchange will also repurchase its native coin, DKKT, from users by paying 0.16 USDT per coin.
The Bitz team thanked all users for choosing their platform during the four years of its existence.
Earlier, U.Today reported that the Huobi exchange had begun the process of withdrawal from Mainland China. All crypto-fiat exchanges will be shut down by December 31. Several other crypto exchanges in China are closing or pulling out of the Chinese market.
