Cryptocurrency Disengages Crypto Services in China Amid Crackdown By CoinQuora – Disengages Crypto Services in China Amid Crackdown
  • BIT mining pool subsidiary leaves mainland China.
  • will cease registering new users due to the crypto crackdown.
  • As of Oct 15, BTC started retiring existing accounts.

The effect of China’s crypto clampdown continues to affect many businesses and individuals. Thus, leading crypto service providers in the country to close shop. For this reason, BIT Mining Limited, a leading crypto mining company, announced that its mining pool subsidiary, is exiting the mainland Chinese markets. says it will stop registering new users from mainland China. To obey local regulations in China, began retiring existing user accounts starting from October 15, 2021.

BIT Mining is a renowned technology-driven crypto mining company that provides crypto mining, data center operation, and mining pool services. BIT Mining owns the blockchain browser and a mining pool business operated on It also provides mining services for a variety of cryptocurrencies such as BTC, BCH, ETH, and LTC.

Back in July, China’s Central Bank publicized that crypto trading or mining is considered illegal in the country. Ever since the regulatory bodies have been on the lookout for crypto firms. Resulting in businesses and individuals in the space leaving.

China cited mining energy usage, money laundering, and fraud as some of the major reasons for the crackdown. On the good side, the People’s Bank of China announces it is ready to help financial platform companies to modify their practices in line with the regulations.

While the country continues to clamp down on the crypto industry, its Central Bank Digital Currency (CBDC) keeps getting more attention across the country. According to the Central Bank’s digital currency research institute of China, the Digital delivers the highest privacy protection.

Australia, India, Japan, France, and a few other countries are also working on their digital currencies. Meanwhile, Brazil is preparing to adopt as its Legal Tender before the end of the year. However, the U.S. has seen an increasing number of digital assets usage. And also, a few states are advocating for Bitcoin legalization.

Continue reading on CoinQuora

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.