After 5-21 6 organizations suspended services for users in mainland China

The rectification of the virtual currency market has risen to the height of the State Council, and it is clear that a new round of strict regulation is about to kick off.

After 5-21 6 organizations suspended services for users in mainland China

Cryptocurrency ushered in strong regulation.

Three days after the Financial Three Association issued an announcement reiterating that virtual currency-related businesses are suspected of crimes and Inner Mongolia set up a reporting platform for virtual currency mining enterprises, the State Council’s Financial Stability Development Commission proposed a crackdown on bitcoin mining and trading practices.

On May 21, the Financial Committee of the State Council held its fifty-first meeting to study and deploy the next phase of key work in the financial sector. For the first time, the meeting proposed to crack down on bitcoin mining and trading practices, and resolutely prevent the transmission of individual risks to the social sector.

As one of the popular sites for mining in Inner Mongolia, on May 25, the Inner Mongolia Development and Reform Commission, in accordance with the requirements of the 51st meeting of the Financial Committee of the State Council, organized the drafting of the “Inner Mongolia Autonomous Region Development and Reform Commission on resolutely combating and punishing the behavior of virtual currency “mining” eight measures (draft for comment)”.

The act of regulating the virtual currency market has risen to the height of the State Council, and it is clear that a new round of strict regulation is about to begin. The mining industry and exchanges are the key targets of this round, and some relevant institutions have already taken action.

For exchanges.

On May 24, Firecoin said that because of the high volatility of the market and in order to protect the interests of investors, new users from some countries and regions will not open contracts, leverage, ETP and other services temporarily.

On May 26, Bybit’s official announcement announced that it will restrict mainland China IP addresses from accessing the API interface for quotes as well as account asset inquiries and orders, including third-party trading tools, from June 15, 2021 at 16:00 Beijing time.

Bybit reportedly restricted all IPs from China in September 2020, while in April this year, Bybit’s official Weibo account also released a statement saying that Bybit would not provide services in mainland China and would not launch a wallet app.


On May 22, Jiang Zhuoer, founder of Bybit Mining Pool (B.TOP), said in a Weibo post early this morning: 1. Although B.TOP has not received regulatory requirements from the relevant authorities, considering the latest regulatory spirit and the fact that B.TOP’s business within mainland China only accounts for a relatively small share of self-operated mining, there is no need to continue to provide mining machine substitution services to the public within mainland China and to take Therefore, B.TOP decided to stop providing mining machine purchase service for customers in mainland China. 2、For those who have already paid for the mining machine and not running, they can choose to get a full refund, please contact your business counterpart to deal with it. 3、For already running miners, although this situation belongs to the force majeure “government intervention, restriction, ban” in the contract disclaimer, B.TOP has the responsibility to protect the interests of customers, B.TOP will introduce measures to ensure that customers do not incur losses.

According to the official announcement of BitDeer, recently, in order to actively cooperate with the regulatory spirit of relevant countries and regions and support the compliance development of the mining industry, BitDeer BitDeer will be upgraded and adjusted, and from 22:00 Beijing time on May 26, 2021, BitDeer will block all IPs in mainland China to further ensure that the platform does not provide services to residents in mainland China.

For its part, Firecoin said that in order to focus on expanding its overseas business, Firecoin Mining Mall has decided to suspend the relevant services for users within mainland China. The solution for mining machines held by old users will be subsequently notified to customers.

Bitfufu, the arithmetic standardized mining platform strategically invested by Bitmain, said on May 26 that it will upgrade its existing platform and the upgrade will take effect at 24:00 on May 26, 2021. In addition to the original platform registration and order placement process of each country and region laws and regulations prompt and user signed commitment, this upgrade platform will block all mainland China IP, to further ensure that the platform does not provide rental services to the Chinese region. For users’ leasing services that were already in effect before the platform upgrade, the services will not be affected until the fulfillment is completed.

At present, no more exchanges or mining companies have been seen to respond, and Golden Finance will continue to follow up.

Posted by:CoinYuppie,Reprinted with attribution to:
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