More crypto exchanges are facing pressure in China

According to information from Wu Blockchain, Coinex exchange is winding down operations in mainland China to comply with local anti-crypto regulations. And Renrenbit announced it would stop trading next month.

CoinEx and Renrenbit crypto exchange for removing all mainland China users in October

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Source: Wu Blockchain

CoinEx is a major global cryptocurrency exchange founded in December 2017. At the time of writing, CoinEx’s daily trading volume amounts to around $85 million. It has announced it will close all user accounts in mainland China and close access to the platform through a Chinese phone number.

The exchange has asked mainland China-based users to withdraw their crypto assets from the platform before Oct. 31, 2021, 4:00 p.m. Beijing time. CoinEx then plans to disable accounts with zero assets starting from Thursday, September 30.

“All access will no longer be available to your accounts,” the exchange stated. After the deadline, the only service available for these accounts will be withdrawal; functions such as deposit and trading will be closed, and only the withdrawal service is supported.

CoinEx also noted that it had previously blocked access and terminated new user registrations from mainland China in March 2019, urging them to complete the withdrawal as soon as possible.

“To further comply with local laws and regulations of the Chinese government, we will completely retire users in mainland China,” the firm said.

Another crypto exchange shutting down entirely is Renrenbit, founded by Chinese “OTC king” Zhao Dong. The company announced that it would close by October 30, and the native token of the exchange, RRB, will be purchased by users with USDT.

Gate.io, China’s largest altcoin exchange, will pause onboarding new Chinese users, but existing users won’t be affected at this point, Marie Tatibouet, CMO Gate.io said.

With the recent move, CoinEx joins a growing number of crypto companies ending their operations in mainland China in response to the local government announcing another crypto ban last week. Major crypto exchanges like Binance and Huobi subsequently halted some services in mainland China, while major Ethereum mining pools like Sparkpool and BeePool were forced to shut down operations altogether.

As AZCoin News reported, many crypto exchanges are currently closing down entirely or withdrawing their services from mainland China due to the recent Chinese crypto ban imposed by the Chinese Central Bank and the Communist Party authorities over cryptocurrency transactions and miners.

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