China Ban Escalates | Global 4th Largest BeePool Shuts Down, 18 Other Crypto Platforms Announce Exit from China or Suspension

Following the announcement of SparkPool suspending its operations, BeePool, the world's fourth-largest Ethereum mining pool, has also followed suit. The official website announced that it will suspend all services to miners starting from October 15 (15:59 +UTC).

According to an announcement on the BeePool official website:

Dear users:

In response to the latest regulatory policies and to facilitate an orderly exit, BeePool has implemented the following measures:

1. Registration for new users and the creation of sub-accounts will be suspended immediately;
2. All mining access servers will cease operations at 23:59 Beijing time on October 15, 2021;
3. Earnings during the exit phase will continue to be generated and paid out normally, but it is recommended to switch in advance to avoid disruptions to machine operations;
4. All balances will be subject to a deduction of handling fees after shutdown;
5. For sub-accounts that have not bound an address, please bind as soon as possible. If not bound by 23:59 Beijing time on October 31, 2021, it will be considered forfeited, and withdrawal channels and user interaction pages, including app support, will be closed.

Thank you for your support of BeePool over the past 4 years. Farewell! BeePool, September 28, 2021

Just two days ago, SparkPool, the world's second-largest and China's top Ethereum mining pool operator, announced that it would cease operations on September 30. After being targeted by the Chinese State Council in May this year, some miners quietly resumed Ethereum mining operations in China.

In addition to mining pools ceasing operations, it is reported that at least 18 platforms offering crypto-related services either announced their exit from the Chinese market or are currently inaccessible.

Cryptocurrency exchange BitMart stated that it will clear user accounts registered in China before November 30 to comply with Chinese regulations and protect user assets. It will then cease all services to Chinese users. Established in 2017, BitMart has received investment from Distributed Capital in Shanghai and has over 5 million investors, according to its website.

Trading information platform Feixiaohao announced that it will stop providing all services to China on Tuesday.

Cryptocurrency exchange Biki stated that it will stop accepting all deposits on Tuesday and only allow withdrawals, so it can cease all operations in China by November 30. The platform token will be repurchased by October 31.

According to Block, trading information providers TradingView, CoinGecko, and CoinMarketCap were also blocked on Monday and Tuesday. At least 11 other companies have ceased providing services to users in China.

The People's Bank of China stated last Friday that they will ban all crypto-related transactions and warned overseas exchange staff that they will be investigated. They also called for stricter scrutiny of crypto information providers. Leading the way in exiting China is the cryptocurrency exchange Huobi, which announced on Sunday that all mainland China accounts will be deleted by the end of the year.

This article is authorized and reprinted from Horizon News Network