China officially banned cryptocurrency exchanges. It was announced was September, finally closed down its last exchange. Thus, making it illegal for Chinese mainlanders to exchange digital money.
Particularly, the last cryptocurrency exchange in China closes down as of November 1. The final closure, the crypto exchanges in China officially became illegal. Therefore, still, Chinese investors involves in crypto space only in their own niches for their trading.
Migrate to Abroad
Houbi is one of the top three bitcoin trading platforms, shuts all the Bitcoin trading in mainland China and have migrated to Hong Kong, South Korea, and Singapore.
Also Read: China is planning to Ban Bitcoin Exchanges
Moreover, yet another top exchange that was earlier located in Shanghai. Thus, it is aiming to charge a service fee for users to withdraw existing funds before the ban.
ICOs and Exchanges banned
Significantly, China has not only closed crypto exchanges but also shut down the ICO market. This resulted, a major blow to tech companies encouraging by blockchain. Though, investors want to move into ICO space by purchasing tokens using offshore accounts.
CEO of C2CX, Scott Freeman,
“None of the exchange previously based in China ceased business, They simply moved their servers abroad. The only change is that for the moment, the funds will move in and out of local currency via P2P transactions instead of via direct deposit. From a regulatory perspective, this is an interior solution because it’s much harder to prevent money laundering”.
The determined investors who are able to sustain their assets in the highly unstable and fast-moving crypto market. Such will definitely find a way to do so. Even though the ban on ICOs and Exchanges, the government of China indicates it will continue to explore blockchain technology developments.