The four-year-old Chinese cryptocurrency exchange BitZ announced its shutdown today

Another exchange has stopped operating in the Chinese market. According to 8BTCnews, BitZ will be completed by October 21.

Another Chinese crypto exchange is shutting down


Source: 8BTCnews/Twitter

Cryptocurrency exchange BitZ, which has been operating for four years in China, announced that it has begun to close gradually. The announcement said that on September 26, when the government and Central Bank of China (PBOC) issued new regulatory requirements, it suspended the flow 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. As of October 8, the exchange stopped accepting deposits from users in all regions of China. Only trading and withdrawals will remain.

On October 14, trading will be disabled. Incomplete positions are automatically closed. The remaining assets will be transferred to the account where the respective cryptocurrency is stored. On October 21, users will not be able to access the exchange’s website. After October 21, withdrawals of Bitcoin, Ethereum, and USDT will only be conducted manually via e-mail after verifying the user’s identity.

The exchange will also redeem its DKKT coins from users by paying 0.16 USDT per coin. Bitz also thanked all users for choosing their platform during its four years of existence.

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