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Home Crypto News Btc.com

BIT Mining’s Subsidiary BTC.com to Exit Mainland China

2 years ago
in Btc.com, China Bitcoin Mining, China Crypto Regulations, china mining ban, Crypto News, Markets, People's Bank of China (PBoC)
Reading Time: 2 mins read
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

The leading tech-driven crypto mining company plans its exit from mainland Chinese markets amidst recent crackdowns. 

According to a bulletin from the SEC, the prominent crypto mining firm BIT’s online mining pool subsidiary will leave China. BTC.com will cease its operations and interactions with the mainland Chinese market. The development comes as an act of compliance with local regulations. 

The site will no longer register new users and close accounts of existing users in China from October 15, 2021. While this development may have adverse impacts on the company’s financial statements, it believes more international growth is in store. 

BIT’s subsidiary focuses on crypto mining, mining pools, and data center operation. Moreover, the online portal provides mining services for digital currencies such as BTC, BCH, ETH, and LTC. 

Recently, other firms with similar crypto-mining related operations also departed mainland China. Notably, top Ethereum mining pool SparkPool ceased mining operations in China on September 30th of this year. 

SparkPool is the world’s second-largest Ethereum mining pool. The mining firm told users that the development is in an effort of  “maximal  [compliance] with regulatory requirements.” 

Additionally, on October 14, 2021, the Bitcoin mining pool AntPool ceased IP access to mainland China. Once again, the company cited compliance reasons.

China’s Continued Crypto Crackdown

News of China’s crypto-crackdown continues its regular appearance in newsfeeds. In late July the Chinese central bank reiterated its plans for continued pressure on the crypto industry. 

Since this announcement, the Chinese government blocked major crypto-related sites including CoinMarketCap and CoinGecko. Earlier this month, it added crypto mining to its “negative list,” which blacklists the industry from foreign investments. 

As a means of compliance with the Chinese government’s crypto crackdown, many businesses and individuals in the space are leaving. BTC.com and the others mentioned above are just some of the many with this fate. However, on the receiving end places like New York and Texas have seen an increase in crypto mining farms parallel to the Chinese crackdowns. 

What do you think about this subject? Write to us and tell us!

The post BIT Mining’s Subsidiary BTC.com to Exit Mainland China appeared first on BeInCrypto.

Source: BeInCrypto

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