CoinEx End Operations in Chinese Market

CoinEx End Operations in Chinese Market

It has been announced the day that CoinEx will no longer be offering their service to Chinese customers.

Via a Facebook post earlier today, the well-known exchange platform, CoinEx has outlined their plans to slowly withdraw from the Chinese Market with immediate effect, with their final day operating with any Chinese customers coming at the end of March.

Already the cryptocurrency exchange will admit no more users who hail from mainland China, refusing any identity verification for users accessing from there and restricting their App service in the region.

Existing users of CoinEx based in China will still be able to use their accounts up until 16:00 on the 29th of March. After which time, all IP visits from China will then become barred from the service, and thus, their accounts will not be able to be accessed. As such, CoinEx is strongly recommending that users cash out their assets stored on their exchange before this time.

The decision has been prompted as a result of the “regulations and regulatory requirements of the central authority” of China. However, specific details about what this refers to have not yet been disclosed. Therefore, we are unaware at this time of whether the same issue will soon arise in other exchanges as well.

No doubt, this will have a big impact on their business, with the Chinese cryptocurrency industry being one of the largest. As such, losing clients from there wouldn’t have been a decision taken lightly. All other services already offered on the exchange platform will remain unaltered at the time being.

CoinEx has apologised for the inconvenience and thanked Chinese users for their cooperation

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