Cryptocurrency exchange CoinEx restricts operations in mainland China in accordance with local anti-cryptographic rules.
The company officially announced on Thursday that it will completely remove user accounts that are verified as citizens of China, as well as those associated with a mobile phone number from mainland China.
The exchange required mainland China users to withdraw their crypto assets from the platform by 31 October 2021. CoinEx then plans to deactivate zero-asset accounts from Thursday 30 September. Exchange said “your accounts”.
Despite CoinEx’s stringent measures to remove users from mainland China, the exchange will continue to allow users to withdraw assets after 31 October. CoinEx explained that after the deadline, “the only service available for these accounts is withdrawals, which means that features such as deposits and trades will be closed and only the withdrawal service will be supported. ”
CoinEx also noted that it had 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 founded in December 2017. According to CoinMarketCap, at the time of writing, CoinEx has a daily trading volume of around $ 85 million.
In a recent move, CoinEx joins a growing number of crypto companies that have ended operations in mainland China in response to a new cryptocurrency ban announced by local authorities last week. Large crypto exchanges such as Binance and Huobi later suspended some services in mainland China, while large Ethereum mining pools such as Sparkpool and BeePool were forced to close completely.