BTC.com Disengages Crypto Services in China Amid Crackdown

The effect of China’s crypto clampdown continues to affect many businesses and individuals. Thus, leading crypto service providers in the country to close shop. For this reason, BIT Mining Limited, a leading crypto mining company, announced that its mining pool subsidiary, BTC.com is exiting the mainland Chinese markets.

BTC.com says it will stop registering new users from mainland China. To obey local regulations in China, BTC.com began retiring existing user accounts starting from October 15, 2021.

BIT Mining is a renowned technology-driven crypto mining company that provides crypto mining, data center operation, and mining pool services. BIT Mining owns the blockchain browser BTC.com and a mining pool business operated on BTC.com. It also provides mining services for a variety of cryptocurrencies such as BTC, BCH, ETH, and LTC.

Back in July, China’s Central Bank publicized that crypto trading or mining is considered illegal in the country. Ever since the regulatory bodies have been on the lookout for crypto firms. Resulting in businesses and individuals in the space leaving.

China cited mining energy usage, money laundering, and fraud as some of the major reasons for the crackdown. On the good side, the People’s Bank of China announces it is ready to help financial platform companies to modify their practices in line with the regulations. 

While the country continues to clamp down on the crypto industry, its Central Bank Digital Currency (CBDC) keeps getting more attention across the country. According to the Central Bank’s digital currency research institute of China, the Digital Yuan delivers the highest privacy protection.

Australia, India, Japan, France, and a few other countries are also working on their digital currencies. Meanwhile, Brazil is preparing to adopt Bitcoin as its Legal Tender before the end of the year. However, the U.S. has seen an increasing number of digital assets usage.  And also, a few states are advocating for Bitcoin legalization.

Source: https://coinquora.com/btc-com-disengages-crypto-services-in-china-amid-crackdown/