Home Blockchain News Media: Over 20 Cryptocurrency Companies Announce Their Leaving China

Media: Over 20 Cryptocurrency Companies Announce Their Leaving China

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Media Over 20 Cryptocurrency Companies Announce Their Leaving China

After a new wave of repression against the cryptocurrency industry launched by Beijing on September 24, 2021, more than 20 companies announced their withdrawal from the Chinese market, according to the China Securities Journal.

In a joint notice to the People’s Bank of China and nine government departments, commercial transactions with virtual currencies are classified as illegal financial activities with the prospect of criminal prosecution, the newspaper said.

For the first time, the Supreme Court, the People’s Prosecutor’s Office and the Ministry of Public Security were among the institutions that signed the central bank’s statement on cryptocurrencies, industry experts noted.

In their opinion, the cryptocurrency market in the country has suffered heavy losses and there may not be a chance of recovery.

On September 24, Bitcoin exchange Huobi stopped registering new users from China. The platform has warned that by December 31, it will delete the existing accounts of residents of the country.

However, according to Bloomberg, the decision to leave the company was made earlier.

On October 6, journalist Colin Wu reported that Huobi founder Li Lin has decided to leave the country. He referred to fears of persecution by the authorities.

The closure was announced by smaller local platforms including BiKi, BitMart and BHEX.

Inner Mongolia provincial authorities said they had confiscated 10,100 mining devices and shut down more than 45 cryptocurrency miners. In theory, this will save the region 6.58 billion kWh of electricity per year, officials said.

The government of the Jiangsu region said that miners consume 260,000 kWh per day, and announced measures to be taken against them.

At the end of September, the closure was announced by large mining pools for Ehereum – SparkPool and BeePool. F2Pool has blocked the registration of new users from the PRC.

Chinese e-commerce giant Alibaba has banned the sale of cryptocurrency mining equipment on its platform. The largest manufacturer Bitmain also stopped selling mining devices in the country.

Since September 28, access to CoinGecko and CoinMarketCap services from Chinese IP addresses has been blocked.

We will remind, the head of Circle Jeremy Allair urged the United States and other Western countries not to be like China with regard to the regulation of cryptocurrencies.

Senator Pat Toomey said that the opposition to digital assets by the Chinese authorities opens up great opportunities for the United States in the crypto industry.

Chairperson FRS Jerome Powell assured that the regulator does not intend to ban virtual currencies.

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