As the tempo of China’s crackdown on the crypto industry is getting hotter, exchanges are leaving the country in mass. Coinbench reported last week that Huobi has barred Chinese traders.
Earlier in March, CoinEx stopped the registration of new users from Mainland China. But on Thursday, the exchange announced that it will “completely retire users in Mainland China”.
The total shutdown, as revealed by the exchange, is to comply with the stricter laws of the Chinese governments with regards to cryptocurrency. Recall the report of Coinbench last week about how China declares that all cryptocurrency-related transactions are illegal and must be banned.
On this note, CoinEx has laid down some directives regarding its retirement of Chinese users. For verified users, the exchange noted that they can no longer do anything on the exchange except withdrawal by the 31st of October.
It follows that the trading and deposit functionalities will be disabled on the exchange. Therefore, the management of CoinEx encouraged their users to withdraw before the deadline.
On the other hand, the exchange said it has closed the accounts of users with zero assets as from the 30th of September.