Cryptocurrency exchange MEXC Global has decided to “retire” its Mainland China users
Bitcoin miners vanished from China in little over three months. Researchers at the University of Cambridge have published new data demonstrating the fast effect of Beijing’s ban on bitcoin mining.
According to the Cambridge Centre for Alternative Finance (CCAF), by the end of August 2021, China’s share in Bitcoin mining will have ‘essentially ceased to exist.’
The above graph demonstrates this. Clearly, yellow’s enormous dominance began to wane about August. Following the withdrawal of miners from China, the country’s rules have caused cryptocurrency exchanges, businesses, and other crypto-related activities to curtail or cease operations.
MEXC, China’s biggest altcoin exchange, announced the signing of various partnerships with many foreign investment institutions. Although it omitted key information. The team used Twitter to announce the news.
According to reports, the company’s original management team will leave China, and all Chinese users will be removed by the end of December. The team declared the following on the departure:
“Corporate governance structure modifications are being made under the leadership of the newly formed unified board of directors. The new diverse leadership team will be implemented, and the previous team will progressively disband when Mainland China user accounts are retired.”
Additionally, the team established the MX Token 2.0 initiative. Additionally, it hopes to “take a further step in the growth of the blockchain ecosystem and talent acquisition.”
Additionally, the exchange was named ‘Best Crypto Exchange in Asia’ at the Crypto Expo Dubai in October. MEXC’s chief executive recently highlighted the exchange’s worldwide development intentions, noting, “In terms of global market expansion, we have licences from five countries, including Estonia, the United States, Australia, Canada, and Switzerland.”
MEXC Global was not the first exchange to withdraw its operations from the nation. Huobi, China’s biggest exchange, said that it would begin charging administration fees to Chinese customers who have not yet requested bitcoin withdrawals.
“On December 31, 2021 (GMT+8), Huobi Global will conclude the peaceful departure of users from mainland China. In the future, mainland Chinese customers who continue to have significant money in Huobi Global beyond February 15, 2022, will be subject to industry-standard account maintenance costs.”
Notably, the account administration charge is 0.2 percent of the monthly snapshot. However, if the account administration fee payable on a single account is less than one USDT, it will be charged at the rate of one USDT.
It’s worth noting that Huobi just established its regional headquarters in Singapore and is exploring establishing regional offices globally as the firm expands.