The CoinEx cryptocurrency exchange is gradually reducing its business in mainland China to comply with local anti-encryption regulations.
Company formal Announce On Thursday, it will completely phase out user accounts verified as citizens of mainland China and user accounts associated with mainland Chinese mobile numbers.
The exchange has required mainland Chinese users to withdraw their encrypted assets from the platform before October 31, 2021. Then, CoinEx plans to disable zero-asset accounts starting on Thursday, September 30. Your account,” the exchange said.
Although CoinEx has taken active measures to ban users from mainland China, the exchange will still allow users to withdraw assets after October 31. After the deadline, “the only service available for these accounts will be withdrawals, that is, functions such as deposits and withdrawals”. The transaction will be closed and only the withdrawal service will be supported,” CoinEx explained.
CoinEx also pointed out that it had previously blocked access and terminated the registration of new users from mainland China in March 2019, urging them to complete withdrawals as soon as possible. The company said: “In order to further comply with the local laws and regulations of the Chinese government, we will completely eliminate users in mainland China.”
The exchange did not immediately respond to Cointelegraph’s request for comment.
CoinEx is the world’s major cryptocurrency exchange, established in December 2017.At the time of writing, the daily trading volume of CoinEx is approximately $85 million, According to data from CoinMarketCap.
With the recent move, CoinEx has joined an increasing number of crypto companies, responding to the request of local authorities to complete business in mainland China Announcing another encryption ban last week. Major cryptocurrency exchanges such as Binance and Huobi subsequently stopped some of their services in mainland China, and major cryptocurrency exchanges Ethereum mining pool, such as Sparkpool with BeePool was forced to shut down operations completely.