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Two More Crypto Exchanges to Ban User Accounts in Mainland China

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Thu, 09/30/2021 - 11:22
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Yuri Molchan
Another crypto exchange stops providing access to users in China, while one more Chinese crypto trading company is about to close down
Two More Crypto Exchanges to Ban User Accounts in Mainland China
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According to recent tweets by the crypto journalist and blogger from China, Colin Wu, Coinex exchange has announced banning the registration of new users, and Renrenbit spreads the word about going out of business next month.

More crypto exchanges are facing pressure in China

Colin Wu has tweeted that Coinex (the holder of 47th place, according to the CoinMarketCap scale) has stated that by Oct. 31, it will close all accounts of its users in mainland China and will close access to the platform via Chinese phone numbers.

The closure of Chinese accounts will be completed by Oct. 31, 4:00 p.m. Beijing time.

Another crypto trading venue that is closing down completely is Renrenbit, founded by Chinese "OTC king" Zhao Dong. The company has announced that it will be closed by Oct. 30, and the native token of the exchange, RRB, will be repurchased from users with USDT.

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Huobi drops all of its users in mainland China

Earlier this week, U.Today reported that the largest crypto trader in China, Huobi, is banning access to its products to all users in the mainland area of the country. Prior to that, the exchange spread the word that it had stopped onboarding new users from that region.

Many crypto exchanges at the moment are either closing down completely or withdrawing their services from mainland China due to the recent China crypto ban forced by the Chinese Central Bank and the Communist Party authorities on digital currency transactions and cryptocurrency miners.

Centibillionaire Elon Musk has recently opined that crypto is threatening the power of China’s Communist Party, hence the tightening of crypto regulation policies.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.