After previously blocking access and terminating the registration of new users from mainland China in March 2019, CoinEx cryptocurrency exchange is shutting down operations in mainland China.
On September 30, the business declared that all user accounts verified as mainland Chinese citizens, as well as those linked to a mainland Chinese mobile phone number, will be completely retired.
Users from mainland China have been urged to withdraw their crypto assets from the platform by October 31, 2021. From September 30 onwards, CoinEx intends to deactivate accounts with no assets. The exchange states that “all access to your accounts will no longer be available.”
Despite CoinEx’s active steps to remove mainland Chinese customers, consumers will be able to withdraw funds after October 31.
After the deadline, “the only service available for these accounts will be withdrawal,” according to CoinEx. “This means that functionalities like deposit and trading will be closed, and only the withdrawal service will be supported.”
In March 2019, CoinEx prohibited access to new customers from mainland China and terminated their registration, advising them to finish withdrawals as quickly as feasible.
“We will entirely retire users in mainland China to accordance with local laws and regulations of the Chinese government,” the company claimed.
CoinEx, which was created in December 2017, is a prominent global cryptocurrency exchange. According to CoinMarketCap data, CoinEx’s daily trading volume is over $85 million at the time of writing.
CoinEx has now joined the growing number of crypto companies that have shut down operations in mainland China as a result of local authorities issuing yet another crypto prohibition last week.
Following this, large cryptocurrency exchanges such as Binance and Huobi suspended their services in mainland China, while big Ethereum mining pools such as Sparkpool and BeePool were forced to shut down completely.