In the midst of yet another big crypto crackdown in China, Bitz, a four-year-old Chinese exchange, has ceased operations. Bitz, a cryptocurrency exchange that operated for four years and was one of the most popular online exchanges, has announced its closure. It cited “policy and regulatory obligations” as justification for its newest move.
While the exchange’s official closing date is October 21, 2021, the exchange said that it has already stopped new user registration and KYC. On September 26, 2021, their activities in Mainland China ceased. However, the exchange had Tweeted about DMX’s placement on the exchange just a few days before.
BitZ notified current customers that it intends to conduct an “orderly withdrawal in order to ensure the security of user assets.” Additionally, it summarized key aspects of the period leading up to its termination at the end of October.
On October 8, 2021, all registrations will be closed and asset recharging will cease. Only a limited number of transactions and withdrawals are still accessible. This will initiate an automated asset withdrawal. On October 14, 2021, the website’s OTC trading feature will be deactivated. Uncompleted positions will be automatically closed on this day.
On October 21, 2021, currency trading will cease and users will be unable to access the website or mobile application.
Additionally, during the shutdown time, the BZ platform’s native currency will be repurchased at 0.16USDT. After 12:00 a.m. (UTC+8) on October 21, the site will no longer accept buyback orders. From that point on, users will incur losses.
The platform then expressed gratitude to all participants throughout the course of its four-year existence.
China’s Anti-Cryptocurrency Crackdown
The Bitz cryptocurrency exchange is only one of many crypto-related businesses in China that have ceased operations The major news out of China this month was yet another restriction on digital currencies by the country’s central bank. This time, the declaration essentially prohibited virtually any cryptocurrency-related operations.
That was repeated in the PBOC’s announcement. “virtual money does not have the legal standing that physical cash has.” As a result, “virtual currency-related commercial operations are considered unlawful financial activity.”
Shortly after the ban was implemented, the government banned key websites associated with crypto-related activities. CoinGecko, CoinMarketCap, and TradingView are among those subject to the restrictions. The Chinese government’s efforts to limit entry into the cryptocurrency industry are obvious.
Exchanges and crypto-related businesses operating in China or interacting with Chinese customers do not have a bright future. Over the past year, miners have left the nation in significant numbers as a result of the government’s harsh crackdowns.
Also Read: Chingari Raises $19 Million To Create A Social Token
Wallets