China Crypto Crackdown: Exchanges that gave in to the Regulators

China Crypto Crackdown: Exchanges that gave in to the Regulators

Amid the expanding Chinese Crypto crackdown, many exchanges have waved the white flag to the regulators. While the authoritarian government stands a strong ground against the decentralized sphere, the crypto platfroms suffer another blow with every new anti-crypto law. Two of the world’s largest cryptocurrency exchanges, Huobi and Binance have given up the fight for crypto in the Chinese territory.

Huobi Exchange

Followed by the People’s Bank of China’s Friday update against virtual currency-related activities, including trading in the nation, Huobi announced the suspension of new account openings for mainland China users. Furthermore, the Chinese central bank added overseas exchanges facilitating crypto services in the country to the crackdown list. Huobi, being one of these exchanges, revealed on Sunday that it would end new account registrations for its Chinese users in lieu of the latest policies against crypto exchanges. Huobi had already announced the closure of even the existing accounts of mainland China users by midnight on Dec. 31, 2021.

Binance Exchange

Binance exchange has already received considerable traction for being the center of regulators’ wrath globally. Chinese authorities’ cold nature quickly turned aggressive towards Binance and the exchange eventually announced the prohibition of account registrations using Chinese mobile phone numbers through the Binance app or website. Additionally, the Binance app is now unavailable for download in China.

“Binance takes its compliance obligations very seriously and is committed to following local regulatory requirements wherever we operate,”, CNBC claimed quotes from Binance spokesperson.

CoinBene Exchange

Following the footsteps of exchange giants, the trading platform CoinBene has also issued the ‘Announcement on CoinBene’s permanent closure of services in China (including mainland China and Hong Kong, Macao, and Taiwan) and the announcement of the refund process. The exchange platform confirmed that the move to retire has come in lieu of constantly updating and strict regulatory requirements globally, including China.

“On October 26, 2021, the platform will completely shut down the Chinese user service business. CoinBene users are requested to complete asset withdrawals before October 26, 2021. After that, the platform will complete the cancellation and liquidation. At that time, there will be no customer service staff to accept the withdrawal request initiated by the user, and the user needs to bear the asset loss caused by the untimely withdrawal.”