Three crypto platforms impose restrictions on Chinese users

The Beijing government’s repressive policy toward the cryptocurrency industry has forced several companies to restrict services for clients in mainland China. One of them has announced a closure.

On September 27, BitMartbanned the registration of new users from China. The platform will cease serving existing clients on November 30, 2021.

“BitMart will no longer provide any services in mainland China. All affected users will be informed by e-mail, text messages and so on. Withdraw your assets as soon as possible,” the notice states.

An analogous statement was issued by the analytics platform Feixiaohao. Service to Chinese users will cease on September 28, 2021, according to a screenshot published by 8BTC.

The cryptocurrency exchange Biki stopped registering new users from the PRC as of September 26. Existing clients can withdraw funds, and on November 30 the platform will cease operations. The platform’s tokens will be repurchased by October 31.

Previously, Binance and Huobi stopped allowing registrations of new users in mainland China.

The largest Ethereum mining pool SparkPool announced the termination of service to Chinese users, and later ceased operations outside the country.

The online retail giant Alibaba announced a ban on the sale of Bitcoin miners on its platform.

According to media reports, users from the PRC lost access to CoinGecko and CoinMarketCap’s analytics services.

As reported on 24 September, the National Development and Reform Commission of China noted the negative environmental impact of mining and its ‘insignificant’ contribution to the country’s economy.

The People’s Bank of China described as illegal the platforms that facilitate exchanges of digital assets between themselves or for fiat.

Previously, regulator official Wen Xinyan called cryptocurrencies and stablecoins a threat to the traditional financial system.

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