No More OTC Services For Chinese Traders at Bitget

Key takeaways:

  • Customers in Mainland China will no longer be able to trade over-the-counter (OTC) using Bitget.
  • Huobi to ban All Chinese Users, Binance Halts New User Registration in Mainland China
  • The Chinese Yuan will no longer be used as a FIAT currency by Binance.
  • America overtakes china in bitcoin mining
No More OTC Services For Chinese Traders at Bitget
No More OTC Services For Chinese Traders at Bitget

Bitget a cryptocurrency exchange registered in Singapore offering both spot trading and derivatives trading announced to stop OTC trading in mainland China at 15:00 (UTC+8) on October 15, 2021, in accordance with the local government’s regulatory restrictions. Customers in mainland China will no longer be able to use Bitget’s OTC trading services at that time.

Further, this announcement came after Huobi Global’s withdrawal from the country, followed likewise by Binance and Bitget worsens the seemingly thin set of options for over-the-counter trade customers in the country.

Binance to halt cryptocurrency trades using Chinese currency

Binance, one of the world’s top exchanges by trading volume, said on Wednesday that the Chinese yuan part of its consumer-to-consumer platform would be removed on December 31st, and mainland Chinese customers’ accounts will be converted to “withdraw only mode.” 

Binance’s decision to stop OTC Chinese yuan trading comes only weeks after Huobi, another major regional exchange, announced its withdrawal from the Chinese market. Last month, the country’s central bank prohibited local companies from doing business with organisations that deal in digital assets. In any regard, the most recent action will put a stop to that service as well as Chinese traders’ ability to use their own currency. 

Binance abandons China
Binance abandons China

US becomes the epicenter of bitcoin mining

Binance’s major announcement to put a halt on its services in China results in  America taking over China in Bitcoin mining.  America accounted for 35.4 per cent of the worldwide hash rate According to research released on Wednesday by the Cambridge Centre for Alternative Finance, this is more than double the amount of activity witnessed in April. 

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Aadrika Sharma
I enjoy writing and try to learn new things every passing day!

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