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Clearing of three major exchanges and withdrawal of currency circle

Time : 01/07/2021 Author : zgi59l Click : + -
        From the suspension of the registration of users in Chinese Mainland to the mandatory removal of users in Chinese Mainland, under the continuous crackdown of the regulatory authorities, the domestic virtual currency transactions have been completely "cool". The three head virtual currency trading platforms Huobi, Bian and okex have successively "officially" withdrawn from the Chinese Mainland market. Not only that, according to the statistics of the reporter of Beijing business daily, as of October 14, at least 10 virtual currency exchanges have announced the withdrawal of existing users in Chinese Mainland, and some small and medium-sized institutions have directly announced the closure. In view of the fact that the exchange has cut off the trading channel, many coin circle users have begun to try to find new trading paths before the "deadline".
        Since the central bank and other ten departments once again blocked the virtual currency and its trading activities on September 24, the virtual currency exchange has also set off a tide of clearing. On October 13, the head virtual currency trading platforms Binan and okex successively issued announcements to explain the regulatory policies in Chinese Mainland. According to the notice on removing c2ccny trading area and checking users in Chinese Mainland issued by Bi'An, in response to the regulatory policy requirements of the local government, Bi'An C2C will be removed from the CNY trading area at 24:00 on December 31, 2021, Eastern 8th District time, and the platform users will be checked. In the announcement, Bi'An mentioned that it will conduct an inventory of the platform users. If the platform finds users in Chinese Mainland, their corresponding accounts will be switched to the "withdrawal only" mode, and users can only withdraw, withdraw, redeem and close positions.
        Binan will notify the corresponding users by email 7 days before account switching. Okex also mentioned in the notice on regulatory policies in Chinese Mainland that since September 2017, the company has shifted its business focus to the international market, not promoting and serving the Chinese Mainland market. Its website is inaccessible in Chinese Mainland, and its app has also been removed from all application markets in Chinese Mainland. We will continue to maintain the policy of "withdrawing from the Chinese Mainland market" and will not set up offices and teams in Chinese Mainland. As for how to manage users in Chinese Mainland who are still trading on the platform, okex has not explained in detail in the announcement.
        Before Bi'An and okex, Huobi has issued several announcements on the clearing and returning process of existing users in the Chinese Mainland since September 24, explaining issues such as closing transactions, stopping trading and withdrawing cash. For the withdrawal of the exchange, many analysts in the industry said that it was the "only choice". Liu Feng, director of the blockchain technology and Application Research Center of Shanghai University of international business and economics, also said that judging from the documents issued by various ministries and commissions, China's supervision of virtual currency has maintained a high-pressure situation, and it is not surprising that the virtual currency exchange has withdrawn from the mainland market. In view of the rectification progress and follow-up business planning, reporters from Beijing Business Daily also had a further understanding of Huobi and okex.
        Huobi said that the company currently carries out the clearing work in an orderly manner according to the announced clearing plan, and will make full efforts to lay out the overseas market in the future. As for the coin security platform, no contact information has been found yet. As the head exchange confirmed its withdrawal, the reporter of Beijing business daily noticed in several public forums that many users reported that they could not download and use the exchange app by bypassing the application mall and directly authorizing. However, some users had a fluke mentality and tried to continue to conduct virtual currency transactions through overseas accounts and switching overseas exchanges. "I've just passed an overseas exchange to re authenticate my identity. I'm still waiting for the result. I don't know if it can be used.
        At present, there is really no other better way. We can only wait for a change and try new platforms. " Lin Wen (not his real name), a user who has been immersed in the currency circle for many years, told the Beijing business daily. Lin Wen said that in addition to the exchanges that conduct business in China, there are still many overseas exchanges that provide trading services. However, it is not clear whether they are specifically targeted at users in Chinese Mainland and whether the operation of the trading link is convenient, especially when it involves recharge, withdrawal and other processes. "Now even if you download the exchange app, you still face problems such as identity authentication.". On Oct. 14, the reporter of Beijing Business Daily found that the corresponding exchange app can still be downloaded in applestore by switching accounts in overseas regions. However, the registration pages of Bi'An and Huobi apps no longer provide the user registration portal in Chinese Mainland.
        In okexapp, users can conduct transactions after passing the mobile phone number and ID card authentication. In addition, the users of the currency circle in Chinese Mainland confirmed to the reporter of Beijing Business Daily that the current currency security platform can still trade normally. In this regard, the reporter of Beijing Business Daily also sought confirmation from the currency security side, but failed to find the contact information of the other side. As for Huobi, it has started to deal with some trading items according to the clearing rules. On October 13, Huobi stopped the trading of bitcoin and Ethereum's ETP projects, and the user's position was forcibly withdrawn. With regard to the current situation that domestic users try to conduct virtual currency transactions through other channels, Liu Feng pointed out that it is not meaningful for domestic traders to do so.
        This time, the regulator aims at the whole coin circle ecology. Whether it is the mining party, the intermediary trading party, or the relevant organizations or individuals that provide the trading media under the chain are all included in the rectification scope. Even in other places, as long as there are exchange transactions related to RMB and virtual currency in the mainland of China, they belong to the scope of relevant legal regulation. Jiang Zhaosheng, an observer of the blockchain industry, also stressed that at the time when major exchanges announced the gradual elimination of domestic users, if users have a fluke mentality, it may give some illegal virtual currency exchanges at home and abroad an opportunity to take advantage of, and eventually cause personal assets to be damaged. The regulator also clearly mentioned that the services provided by overseas virtual currency exchanges to domestic residents through the Internet are also illegal financial activities.
        "Users should rationally view the restricted actions of cryptocurrency transactions, cooperate with the clearing and withdrawal actions of cryptocurrency exchanges and other relevant entities, and actively respond to regulatory requirements while ensuring the safety of personal property." Jiang Zhaosheng said. In fact, since 2013, virtual currency transactions have been under strong supervision in Chinese Mainland. On September 24 this year, the national development and Reform Commission, the central bank, the Supreme People's court and more than ten other departments jointly issued a document, requiring further prevention and disposal of the risk of speculation in virtual currency transactions, and clearly listing the "mining" activities of virtual currency as eliminated industries. With the further deepening of supervision, the "mining" activities have been gradually retreated, and the relevant mining enterprises have also announced that they will no longer open their business to Chinese users and choose to "go to sea".
        After such operations as blocking keywords and banning relevant information, the exchange that directly provides virtual currency trading services has also announced its demise. Not only did the three leading virtual currency trading platforms announce their withdrawal from the Chinese Mainland market, but also the small and medium-sized virtual currency exchanges were "nowhere to put". According to incomplete statistics by reporters of Beijing business daily, as of October 14, at least 10 virtual currency exchanges, including bitcoin, okex, Huobi and other platforms, have announced the withdrawal of China's stock users, and some small and medium-sized institutions have directly announced the closure. Liu Feng believes that on the one hand, this rectification is to prevent financial risks, and on the other hand, it is also the key rectification of the high energy consumption behavior of virtual currency "mining" under the double carbon strategy of "carbon peak" and "carbon neutralization".
        It is inevitable that the whole coin circle ecology will withdraw. Jiang Zhaosheng stressed that China's strong supervision of virtual currency is sustainable and effective. This series of rectification will effectively maintain the stability of the economic and financial system and ensure the safety of people's lives and property. At present, China has made it clear and will adhere to the development direction of blockchain technology based on domestically made autonomous and controllable alliance chain for a long time. All virtual currency activities based on public chain and involving financial attributes will be severely regulated. Beijing Business Daily reporters Yue Pinyu and Liao Meng.
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