Amidst the blanket ban imposed by China on the use of cryptocurrencies, CoinEx crypto exchange has confirmed that it will cease to operate and cater to customers from the mainland.
According to an announcement, CoinEx has already blocked access and terminated the registration of new users from Mainland China. The exchange has also urged the users to completely withdraw their funds at the earliest.
CoinEx has also said that they will comply with the local rules and regulations of the Chinese government. As such, they have decided to completely pull out from the Chinese market and stop offering any kind of services to customers from the mainland.
All users who are registered on the CoinEx exchange with a mobile number from mainland China, and have their crypto assets parked on the exchange “ can still use their accounts normally before 16:00 October 31, 2021 (UTC+8).”
However, “after 16:00 on October 31, 2021 (UTC+8), the ONLY service available for these accounts will be withdrawal, that is, functions such as deposit and trading will be closed and ONLY the withdrawal service is supported. Please complete your asset withdrawal as soon as possible.”
CoinEx is not the only service provider pulling out of China. Earlier this week, one of the largest cryptocurrency exchanges Huobi also closed its services for customers that are in mainland China. Huobi is amongst one of the most popular crypto exchanges and over 30% of its customers are from mainland China.