{"id":50900,"date":"2021-10-08T17:06:46","date_gmt":"2021-10-08T14:06:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50900"},"modified":"2025-09-02T20:47:06","modified_gmt":"2025-09-02T17:47:06","slug":"media-more-than-20-crypto-firms-exit-china","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-more-than-20-crypto-firms-exit-china\/","title":{"rendered":"Media: More than 20 crypto firms exit China"},"content":{"rendered":"

After launched<\/a> on 24 September 2021, Beijing’s new wave of crackdowns on the crypto industry saw more than 20 firms exit the Chinese market, according to China Securities Journal<\/a>.<\/p>\n

In a joint notice by the People’s Bank of China and nine state agencies, commercial operations with virtual currencies were classified as illegal financial activity with prospects of criminal prosecution, the publication noted.<\/p>\n

For the first time among the institutions signing the central bank’s statement on cryptocurrencies were the Supreme Court, the People’s Procuratorate, and the Ministry of Public Security, industry experts noted.<\/p>\n

They argued that the domestic crypto market had suffered heavy losses and that prospects for a recovery may be slim.<\/p>\n

On 24 September, Huobi, the bitcoin exchange, stopped registering new users<\/a> from China. The platform warned that by 31 December it would delete existing accounts held by residents of the country.<\/p>\n

However, Bloomberg reported that the decision to exit had already been made<\/a>.<\/p>\n

On 6 October, journalist Colin Wu reported that Huobi founder Li Lin decided to leave the country. He cited fears of persecution by authorities. <\/p>\n

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Huobi founder Li Lin: I’m sorry for Chinese users. I don’t want to go abroad for the sake of my family. If you don’t have Huobi, you still have binance and okex. pic.twitter.com\/FQ5Kb1jBC0<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) October 6, 2021<\/a><\/p><\/blockquote>\n