A few exchanges and institutions in China announced the closure, but resigned employees are hired again

By Selena On Sep 29, 2021

According to Chinese crypto-journalist Wu Blockchain, Huobi and Binance are not the only exchanges facing regulatory pressure in China. Just within the last few days, a few exchanges and institutions in China announced the closure.

Chinese exchanges closing down, China is too strict?

First, the following exchange that announced it was shutting down was BitMart. It revealed that it would retire all Chinese users before November 30. It is the second exchange after Huobi to make such a statement.

Aside from BitMart, several Chinese exchanges have announced their closure. Next, BiKi, an exchange invested by Huobi co-founder DuJun, announced closing it entirely on November 30. The platform coin will be repurchased.

After Spark Pool announced that it would not only stop serving Chinese users, BeePool, one of China’s largest Ethereum mining pools, announced that it would cease operations before October 15.

According to Futu (Chinese Robinhood), at the request of the Hong Kong Securities Regulatory Commission, GBTC/EHTE/ETCG/GDLC/OBTC/LTCN/BCHG will ban new positions from October 1, 2021. And Tiger Securities, another Chinese online stock trading platform, also issued a similar notice.

Source: Wu Blockchain

As China restricts all businesses from providing services to cryptocurrency users, the largest Chinese social media platforms, Weibo and WeChat, are also subject to these draconian restrictions. That is why crypto enthusiasts are leaving these platforms in favor of Telegram messenger.

However, some headhunters are starting to recruit employees who have resigned from those platforms as more organizations continue to expand the crypto space. Companies in the crypto industry mainly want software engineers.

In another development, Chinese e-commerce giant Alibaba will delist bitcoin mining equipment offers from its platforms and prohibit their future selling, as Wu Blockchain stated.

China has been attempting to ban Bitcoin since 2013, only a few years after the P2P network was born. The constant new attempts that followed were only a demonstration of how it couldn’t do it and that it will not be able to do it going forward. Regulated entities like Alibaba and bitcoin exchange Huobi will surely step out, but P2P markets are set to thrive, similar to Nigeria. Nonetheless, the China ban is good for Bitcoin.

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