More than 20 crypto companies left china because of the ban imposed on crypto and the effects of it are still making shockwaves worldwide so let’s read more in our latest Crypto news today.
The effects of China’s ban on crypto Are profound as the new data shows that more than 20 crypto companies were forced to leave the country or suspend their services to Chinese users. According to teh reports from China Securities Journal, the crypto companies that were forced to close operations include exchanges like HuoCoin, BIKI, BHEX, Binance, and more. More than 20 virtual currency-related companies announced that they will stop providing relevant services for users in China and will withdraw from the Chinese market entirely.
Mining companies like Xinghuo Mine Pool which is the biggest ETH mining pool, alongside NbMiner which is a graphics card miner management software as well as others, released varying announcements that declare they would cease providing their services to their Chinese users. The market information platforms are not left out of the ban as well. A few non-small Apps in the niche had to announce that they would stop offering services to users from the region in order to be compliant with the policies. Popular crypto sites like CoinMarketCap and CoinGecko are inaccessible for Chinese users as the country blocked the IPs of their sites.
Speaking on why the businesses are closing, Ding Feipeng who is the director of Beijing Liantong Law firm said that “no matter whether the operating legal subject of virtual currency-related business is located at home or abroad, whether the staff is at home or abroad, as long as they continue to provide services for users in China, the platform and its staff will face the same variety of criminal punishments.”
The reports also confirmed that the severity of the ban is that the domestic virtual currency market was hit hard and there could be no chances of resurrection.
As recently reported, Bitmain halts the shipment of the antminer mining rigs into China and it has more plans to identify green energy mining opportunities from power generation projects in different provinces in the nation. The company has yet to reveal the plans to help existing customers in China, Bitmain halts the shipment of antminer rigs to the country but it will continue supplying to users acorss the world including Hong Kong and Taiwan.
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