Over 20 Crypto Firms Leave China Due to Ban

closed more than 20 Crypto company in China!

The impact of the cryptocurrency ban in China on the country’s digital asset economy is profound, with new statistics revealing that at least… 20 A crypto company had to either suspend its services for Chinese users, or shut down its business entirely.

According to a report issued by China Securities Journal, crypto companies that have been forced to shut down their operations include crypto exchanges such as Huocoin And Binance And BiKi And BHEX And many other stock exchanges.

20 crypto companies stopped

announced more than 20 A crypto company associated with virtual currencies, said it would stop providing related services to users in China, and would completely withdraw from the Chinese market.

Mining companies such as Xinghuo Mine Pool Which is the largest pool of Ethereum mining fields, along with Nbminer, a software for managing graphics card miners, as well as several other companies, have made various announcements about that they will stop offering their services to their Chinese users.

Read also: Britain: 111 illegal crypto firms raise concerns for authorities

Crypto market information platforms are also not excluded from this ban.

Many non-applets in this area have had to announce that they are no longer providing services to users from the region, in order to remain fully compliant with the policy.

Today, popular crypto sites like CoinGecko And Coin Market Cap It is not already accessible to Chinese users, as the country has banned IP for both sites.

The new Chinese ban is the most severe

Speaking about the reason for closing these companies, he was quoted as saying: ding viping Office Manager Beijing Liantong attorney, saying:

“Regardless of whether the operational legal subject matter of the virtual currency-related business is at home or abroad, and whether employees are at home or abroad, as long as they continue to provide services to users in China, the platform and its employees will face the same set of criminal penalties.”

The report also confirmed the severity of the ban, writing that “the local virtual currency market has been hit hard, and there may not be a chance to revive it again.”