• BIT mining pool subsidiary BTC.com departs mainland China
• Due to crypto crackdown, BTC.com won’t be able to register new users.
• BTC has begun to retire existing accounts as of October 15.

The effect of China’s crypto clampdown continues to affect many businesses and individuals. This has caused many of the top crypto service providers to be forced out of business. BIT Mining Limited, a major crypto mining company announced today that BTC.com, the mining pool of its subsidiary BTC.com will be leaving China’s mainland Chinese market.

BTC.com has announced that it will cease registering users from China mainland. BTC.com started to retire existing accounts on October 15, 2021 in compliance with Chinese regulations.

BIT Mining, a well-known technology-driven cryptocurrency mining company, provides services such as crypto mining, data centre operation and mining pool service. BIT Mining is the owner of BTC.com, a blockchain browser and a business that operates cryptocurrencies as a pool. It offers mining services to a range of cryptocurrencies including BTC and BCH as well as ETH and LTC.

Back in July, China’s Central Bank publicized that crypto trading or mining is considered illegal in the country. Since then, regulatory agencies have been looking for cryptocurrency firms. This led to individuals as well as businesses moving out of the area.

China listed money laundering and fraud, as well as mining energy consumption, to be the main reasons behind the crackdown. On the good side, the People’s Bank of China announces it is ready to help financial platform companies to modify their practices in line with the regulations.

While authorities continue to tighten their grip on the cryptocurrency industry, attention is still being paid to the Central Bank Digital Currency of the Central Bank (CBDC). According to the Central Bank’s digital currency research institute of China, the Digital delivers the highest privacy protection.

Australia, India and Japan are all working to develop their digital currencies. Brazil will soon adopt the Digital Tender as its legal tender before the end. The U.S. is seeing an increase in digital asset usage. A few states also advocate for Bitcoin legalization.

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