China announced stricter measures against the crypto industry to detect and prevent any activity on September 24. But regulators didn't stop there.
Today, China National Development and Reform Commission included virtual currency mining in the list of eliminated industries to seek public opinion. As the elimination category, the agency mentioned "Outdated production technology and equipment".
Breaking! China's Development and Reform Commission publicly solicited opinions on the "Negative List of Market Access (2021 Edition)", and included virtual currency "mining" activities in the elimination category as "Outdated production technology and equipment".#bitcoin pic.twitter.com/fVjCdXW782— 8BTCnews (@btcinchina) October 8, 2021
In the current situation, crypto companies consider what actions they can take. As reported by China Security Journal, over 20 crypto-related firms announced their removal from the Chinese market.
Digital currency trading platform FTX announced moving its headquarter from Hong Kong to the Bahamas.Huobi Global announced that new user registration is no longer available in China.
On September 26, the exchange released the "Announcement on the Gradual and Orderly Clearance of Stock Users in Mainland China", and confirmed details of the withdrawal time on October 2. A few days ago, KuCoin Exchange said that users need to withdraw their holdings and close accounts by the end of the year.
Other crypto exchanges including BitZ, BTCC, BiKi, BHEX, CoinEx announced shutting down.
Ethereum mining Pool Spark Pool stated its decision of no longer delivering mining services to users in China.