More Crypto Platforms Exit China Following Ban on Transactions

Several crypto exchanges and other crypto-service companies are giving Chinese users the boot, according to multiple reports.

AccessTimeIconSep 28, 2021 at 9:29 p.m. UTC
Updated May 11, 2023 at 7:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

At least 18 platforms providing services related to crypto have either announced they are exiting the market in China or are now inaccessible, Chinese media reported Tuesday.

  • Crypto exchange BitMart said it will clear out user accounts registered to mainland China by Nov. 30 in order to comply with Chinese regulations and “safeguard user assets.” After that date, it will stop providing all services to users in mainland China.
  • Trading information platform Feixiaohao (which translates into “Not small numbers”) said it will stop providing all services to China on Tuesday.
  • Crypto exchange Biki saidhttps://m.biki.com/noticeInfo/5705 it will stop accepting all deposits on Tuesday, allowing users only to withdraw, so that it can cease all operations in China by Nov. 30. Platform tokens will be repurchased until Oct. 31.
  • Trading information provider TradingView has been inaccessible in China on Tuesday, according to monitoring site GreatFire.org. Crypto-focused sites CoinGecko and CoinMarketCap were also blocked late on Monday, the Block reported.
  • At least another 11 companies have reportedly stopped offering services to Chinese users, Medium reported.
  • On Friday, China’s top financial regulators said they are banning all crypto-related transactions, warning employees of overseas-based exchanges that they will be investigated, and called for increased censorship on crypto information providers.
  • Crypto exchange Huobi said on Sunday it will remove all mainland Chinese accounts by the end of the year.
  • BitMart was founded in 2017. It has received investment from Shanghai-based Fenbushi Capital and has more than 5 million investors, according to its website.

UPDATE (Sept. 28 10:29 UTC) Adds information about TradingView, CoinGecko, and CoinMarketCap; changes first paragraph to include more firms.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.