4-Year Old Chinese Exchange BitZ Quits Business Due to New Strict Regulations in China

4-Year Old Chinese Exchange BitZ Quits Business Due to New Strict Regulations in China

Chinese crypto news outlet 8BTCnews has reported that one more crypto exchange in China is shutting down. The process will be completed by October 21.

The four-year-old Chinese #cryptocurrecy exchange @BitZ_Group announced its shutdown today.Source: https://t.co/HaVQNq0ZH0— 8BTCnews (@btcinchina) October 8, 2021

BitZ ceases operations, quits business: details

Today, on October 8, BitZ crypto exchange that has been working for four years now in China, announced on its website that is had started a gradual shutdown.

The announcement states that on September 26, when the new regulatory requirements were issued by the China’s government and Central Bank (the PBOC), it suspended the inflow of new users to the platform.

Existing Chinese users will be able to withdraw their funds to other exchanges and wallets before October 21. User funds are completely safe, the BitZ team assured.

As of October 8, the exchange ceases to accept deposits from users in all regions of China. Only trading and withdrawals will remain.

Manual crypto withdrawals after Oct 21 upon user data verification

On October 14, the trading function will be switched off. Uncompleted 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 be unable to access the website of the exchange. After October 21, withdrawals of major assets – Bitcoin, Ethereum and USDT – will only be conducted manually through e-mail after verifying the user’s identity.

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 Huobi exchange had started the process of withdrawal from Mainland China. All crypto-fiat trading will be stopped by December 31. Several other crypto exchanges in China are shutting down or withdrawing from the Chinese market.