Popular crypto exchange MEXC global will be retiring accounts of the users from Mainland China by the end of December as we can see more today in our crypto news.
The popular Crypto Exchange MEXC global or previously known as MXC revealed that it will retire the Chinese users’ accounts by the end of December. In a Twitter thread, one of the leading exchanges was previously called MXC and it announced that it will retire the accounts of the Chinese accounts by the end of December. The move comes as a response to the fact that the exchange struck partnerships with international investment funds to support the expansion of global operations.
The adjustments of the corporate governance structure are in progress under the guidance of the newly established united board of directors. The new leadership team will be adopted and the former team will exit after retiring Mainland China user accounts. In the meantime, the exchange revealed that the MX token 2.0 program launch intended to take another step in the blockchain ecosystem development and clients acquisition.
The news doesn’t come as a surprise to those that follow the crypto-related events in China. While the country is taking a pro-blockchain approach, the attitude towards crypto has been quite prohibitive. The reports also show that the country’s communist party expelled a top official for supporting crypto mining companies.
As recently reported, In an attempt to comply with the local regulators, Binance announced it will stop servicing OTC deals that involve the Chinese yuan for the users of the nation, and right after the announcement, the price of BTC and the rest of the market dipped. Binance said it will cease servicing OTC trades for the Chinese yuan as of December 31st. The company will also examine the platform users and if it determines that any of them are based in China, it will switch accounts to “withdraw only” mode which means they will only be able to close positions and to withdraw their funds on the exchange.
Binance ceases Chinese yuan trades and justified the decision with the ongoing crackdown on the crypto industry from the Chinese regulators. The country and its central bank took quite the harsh stance on crypto and prohibited all local organizations from dealing with the companies that are associated with the digital asset space.
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