The three major exchanges in the currency circle confirmed their withdrawal from the mainland market, and the currency circle was hunted across the board

Under the continuous crackdown on supervision, domestic virtual currency transactions are completely "cool". From the suspension of user registration in mainland China to the forced removal of users in mainland China, the regulatory authorities have achieved significant results in reorganization. The reporter's statistics found that as of October 14, at least 10 virtual currency exchanges have announced the withdrawal of stock users in mainland China, and some small and medium-sized institutions have directly announced the closure.

Among them, Binance and OKEx issued announcements on October 13 one after another. Binance announced that it would delist the C2CCNY trading zone at the end of the year and conduct a check on users in mainland China. OKEx stated that it will continue to maintain its policy of "exiting the mainland China market". But it did not explain the specific measures. And as the exchange cut off the trading channel is a foregone conclusion, many users in the currency circle have also begun to try to find a new trading path before the "limit".

Head trading platform withdraws one after another

Since the central bank and other ten departments once again blocked virtual currencies and their trading activities on September 24, the virtual currency exchanges have also set off an ebb tide. On October 13, the top virtual currency trading platforms Binance and OKEx issued announcements one after another, explaining the regulatory policies in Mainland China.

According to the "Notice on Delisting C2CCNY Trading Zone and User Inventory in Mainland China" issued by Binance, in response to local government regulatory policy requirements, Binance C2C will delist CNY trading at 24:00 on December 31, 2021. Area, and will check the platform users at the same time.

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Binance mentioned in the announcement that it will conduct a check on platform users. If the platform finds users in mainland China, their corresponding accounts will be switched to the "withdrawal only" mode, and users will only be able to withdraw, withdraw, redeem, and Liquidation operation. Binance will notify the corresponding users by email 7 days before the account switch.

OKEx also mentioned in the "Notice on Regulatory Policies in Mainland China" that the company has shifted its business focus to the international market since September 2017, and does not promote and serve the Chinese mainland market, and its website cannot be accessed in mainland China , App has also removed all application markets in mainland China. Will continue to maintain the "exit the Chinese mainland market" policy, and will not set up offices and teams in mainland China. Regarding how to manage users in mainland China who are still trading on the platform, OKEx did not provide details in the announcement.

Prior to Binance and OKEx, Huobi has issued a number of announcements on the clearing and withdrawal process of stock users in mainland China since September 24, explaining issues such as closing transactions, suspensions, and withdrawals.

For the withdrawal of the exchange, many industry analysts bluntly said it was the "only option." Liu Feng, director of the Blockchain Technology and Application Research Center of Shanghai University of International Business and Economics, also said that judging from the previous documents issued by multiple ministries and commissions, China's supervision of virtual currencies has maintained a high pressure, and it is not surprising that virtual currency exchanges withdraw from the mainland market.