CoinEx Announces Termination of Services in Mainland China
- The ViaBTC-backed exchange, which once claimed the #1 spot in terms of trading volume, thanks to its clever incentive scheme, has been losing trading volume month after month for the past year.
- While the exchange was able to sustain $100,000,000 daily volumes even after their CET-token-based incentive scheme was over, a number of events eventually brought it to its knees.
CoinEx will prohibit Chinese residents from using their services, a new statement by the exchange proclaims.
The ViaBTC-backed exchange, which once claimed the #1 spot in terms of trading volume, thanks to its clever incentive scheme, has been losing trading volume month after month for the past year. While the exchange was able to sustain $100,000,000 daily volumes even after their CET-token-based incentive scheme was over, a number of events eventually brought it to its knees.
The first blow was the imprisonment of CEO Haipo Yang. Even the recent news about his release were unable to bring the exchange back to its former glory. While the reasons for his detainment are still not officially known, rumours suggest that it was related to Yang’s intentions of illegally running an ICO, hoping that the news about a private sale would not reach the authorities.
Whether that’s true or not, it does appear that the exchange has been treading carefully since – resulting in its termination of services for its Chinese customers, in compliance with local regulations. The announcement states:
“From now on:
1. ID verification: CoinEx will NO LONGER accept ID verification submission for users in mainland China;
2. APP services: CoinEx APP will be offline from application markets in mainland China.
From 16:00 March 29th, 2019 (UTC):
IP visits from Mainland China will be barred and we strongly suggests that users from mainland China withdraw their assets from CoinEx as soon as possible.”
As a result, trading volumes on the once-popular exchange are now less than 1% of what they were a little over a year ago. Last 24 hours show a total of $1,319,743 in trading volume between all pairs on the exchange. CoinEx token has also seen a slight 5% dip.
- The head of China’s central bank digital currency institute said the e-CNY has undergone a major upgrade, and should be made available as an option in all retail scenarios.
- The PBOC official noted that platforms can integrate the CBDC in the short term using QR codes, and focus on upgrading their payment tools in the long run.
Office building of the People’s Bank of China. Flickr
- The team behind Multichain confirmed that their CEO was detained in China on 21 May, and that all of his electronic devices were confiscated by the local police.
- The CEO’s sister moved the project’s remaining funds to wallets under her control on 9 July, and several days later was also detained by the police, leaving the team with no funds.
- A new 13-count superseding indictment has accused Sam Bankman Fried of bribing one or more Chinese officials in order to unfreeze accounts connected to Alameda.
- In early 2021, Chinese authorities froze certain Alameda accounts on two of China’s largest crypto exchanges”, which reportedly held more than $1 billion worth of crypto assets.