RATE Group | Cryptocurrency exchange exodus off China as crackdown intensifies
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Cryptocurrency exchange exodus off China as crackdown intensifies

28 Nov Cryptocurrency exchange exodus off China as crackdown intensifies

Posted at 08:21h in Cryptocurrency News by

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  • At least five exchanges have shut down China while others consider locking out China-based users.
  • It is unknown how deep and far the current crackdown will go.
  • Investors and traders are groped in fear with some starting to move digital assets from exchanges.   

China has acknowledged support for the blockchain technology. However, the country still shuns and discourages any sort of trading and speculation. According to a report by Bloomberg on November 27, at least five local exchange companies have shut down while others have communication the intention to lock out local users. The exodus follows numerous warnings originating from regulators in China.

The central in particular has caution investors against involvement in cryptocurrencies including trading. The regulator says that the risks associated with cryptocurrencies have far-reaching effects including total loss of funds.

Exchange operators like Bitsoda and Akdex closed down operations in China…

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