latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Crypto firms continue mass exodus from China

Crypto firms continue mass exodus from China
TL;DR Breakdown

Over 20 crypto firms exit China. Beyond PBOC, 10 other Chinese authorities impose harder crypto regulation. Huobi exchange exit most painful for Chinese crypto community.

China has seen over 20 crypto firms in the country shut down as of Thursday, October 7, 2021, according to local news sources cited by the Chinese Journalist Colin Wu on Twitter .

The mass exodus is a direct implication of the ban by the Chinese government and the continued crackdown on these firms by local authorities.

Weeks back, the apex bank in the country, People’s Bank of China (PBOC), updated its crypto ban guideline as many crypto firms began shutting down operations to prevent further regulatory confrontation.

Ten other government departments also intensified crackdown on the currency. The latest guidelines extend into even the smallest aspect associated with cryptocurrencies and break them from the core.

The PBOC completely banished the “illegal” and “highly speculative” crypto market circled around, banning three core crypto activities: crypto mining, crypto trading, and service that foreign crypto firms mostly provide for Chinese customers.

Some crypto firms that have exit China

Top crypto firm, Huobi leads the pack of firms that have hit the Asian country. Huobi issued an official statement announcing its exit. Small and medium platforms such as BiKi and BHEX directly chose to stop operations under supervision.

The current largest Ethereum mining pool, Spark Pool, decided on September 24 to no longer provide mining pool services to users in China . Similarly, Authorities in Inner Mongolia have cleaned and shut down 45 virtual currency “mining” projects.

Huobi’s fallout appears surreal and is the most painful to the Chinese crypto community. Huobi founder Li Lin is moving out of China and has publicly apologized to the community via WeChat, claiming that his departure is intentioned towards his family’s safety.

Huobi founder Li Lin: I'm sorry for Chinese users. I don't want to go abroad for the sake of my family. If you don't have Huobi, you still have binance and okex. — Wu Blockchain (@WuBlockchain) October 6, 2021 shares this Contents always with License.

Thank you for Share!



Cool to know huh? Read the full Article

Read the full Article:  ⭲ Crypto firms continue mass exodus from China

Search about Crypto News


The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed simple and intuitive, usable by all Devices, fast and effective.


Today Most Popular News