20 Chinese Crypto Exchanges About Leave The Country
China is unarguably the most hostile crypto country in the world right now. Because of the Chinese crackdown on cryptocurrency and anything related to cryptocurrency. This has made lots of companies that are affiliated with cryptocurrencies halt their business activities, because they are trying to relocate to a better crypto friendly environment. From calculations and analysis, the number of crypto related companies leaving the countries are more than 20.
The country is about to look like a crypto deserted environment as lots of people especially crypto related business, are leaving the country. Crypto exchanges decided not to accept new users registering with Chinese location. This act shook the crypto market a little bit, this was expected, because it filtered off the weak hands in crypto that are outside China. It’s understandable that people had to withdraw or sell their coins so as to look for a better way to store them without the government’s approval.
I guess that’s the reason behind the quick dump and pump we saw in bitcoin and cryptocurrency. It’s ironic how china’s population would have been used for a greater cause. The massive population in China could have easily gotten bitcoin to probably $100,000 if the government was not hostile towards it. But instead they keep coming with reinforced statements against bitcoin.
Over the years we have seen bitcoin and cryptocurrency show all the doubters that it can still survive and be successful without their approval. This just stays proving how powerful decentralization is, because the power is rested on the community.
It’s sad how these companies have to leave their home country to a different country because their government is not happy with the financial freedom they have with their money. I just don’t know how the citizens of China that are dependent on bitcoin are going to cope. They will literally have to be solely dependent on P2P for every crypto transactions, and since there will be no crypto exchange companies present in the country or giving their services to the country, they will have to use DEX(Decentralized Exchanges). Bitcoin was built to bypass the government’s oppression so decentralization is its power and that can’t be taken away from it.
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Not just that, i feel sorry for those holders that don't have enough to pack up and leave to a more suitable environment. It's sad really.