China has been in the news lately for its big crypto takedown. The country has time and again expressed its aversion towards the industry and the Chinese government’s recent series of activities has been proof enough of the same. While the government has continued to make the region inhabitable for crypto platforms, more and more firms were seen flying out of the country.
The crypto-verse has dealt with a lot of hate over the years. However, China took it to another level with its latest crackdown. From mining firms to exchanges and every platform related to cryptocurrencies was shown the door by the government. While China hasn’t revealed the real reason behind this crackdown, Elon Musk, the CEO of Tesla noted that the decentralized nature of the cryptocurrency market was certainly off-putting for China.
Musk recently spoke at a conference and stated,
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don’t like that.”
Crypto exchange CoinEx takes a flight out of China
Earlier today, prominent cryptocurrency exchange, CoinEx shared a blog post and revealed that it would entirely shut down shop for its mainland China users. Any number and account associated with mainland China would be banned from the platform.
Mainland China users would be given time till 31 October 2021 to withdraw funds. After this date, users would be allowed only one service which is withdrawal. No trading and despot features would be available for users from mainland China. While zero balance accounts would be shut off starting from today, no access would be given to the users.
While urging users to withdraw their respective funds at the earliest, the exchange went on to thank them. The post read,
“We are thankful for all trust and support from every one of our users, and would like to express sincere gratitude to all partners who have accompanied CoinEx along the way. We apologize for the inconvenience caused to you.”
Last week, Huobi banned new user registrations from mainland China as a result of the country’s latest crypto crackdown. This could just be the start as more and more platforms would soon be leaving the region.