Cryptocurrency exchange CoinEx is scaling back operations in mainland China in accordance with local anti-cryptocurrency rules.
The company officially announced Thursday that it will remove user accounts that have been verified as residents of China, as well as those linked to a mobile phone number from China.
The exchange required mainland users in China to withdraw their crypto assets from the platform by October 31, 2021. CoinEx then plans to deactivate zero-asset accounts starting Thursday, September 30. your accounts,” the stock exchange said.
Despite CoinEx’s strict measures to remove users from mainland China, Oslo Børs will continue to allow users to withdraw assets after October 31. After the deadline, “the only service available to these accounts will be withdrawals, which means that features such as deposits and deals will be closed and only withdrawal services will be supported,” CoinEx explained.
CoinEx also noted that it previously blocked access and suspended registrations for new users from mainland China in March 2019, urging them to complete the withdrawal as soon as possible. “In order to increase compliance with local laws and regulations of the Chinese government, we will completely retire users from mainland China,” the company said.
The exchange did not immediately respond to Cointelegraph’s request for comment.
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CoinEx is a major global cryptocurrency exchange that was founded in December 2017. According to CoinMarketCap, at the time of writing, CoinEx has a daily trading volume of about $85 million.
In a recent move, CoinEx is joining a growing number of crypto companies that have ended their operations in mainland China in response to the new cryptocurrency ban announced last week by local authorities. Then big crypto exchanges like Binance and Huobi shut down some services in China, while large Ethereum mining pools like Sparkpool and BeePool were forced to shut down completely.