Chinese Crypto Exchange BitZ will completely stop services before the October end

BitZ crypto exchange finally announced that it is not going any more to serve their operations for the crypto users of China and they will stop every service by 21 October. 

BitZ is a popular crypto exchange in China. This exchange was launched around 4 years ago in China and provided its services perfectly but now BitZ is under clouser situation because of the local authorities’ crackdown on crypto operations.

BitZ exchange announced that they will close their operations before the end of October 2021. And the exact date set to close operations for the Chinese users is 21 October. 

While the exchange clearly said that it stopped account registration and KYC verification for the Chinese crypto users just after the renewed crackdown notification of the Central Bank of China. 

Related: Chinese central bank issues warning against all crypto exchanges available for China’s citizens

BitZ exchange announced about this closure and said that their plans are in “orderly withdrawal under the premise of ensuring the safety of user assets”. 

So under this new halting of the crypto services for the Chinese users, BitZ enabled only particular crypto assets withdrawal through automated programs. While the OTC function of trading will be stopped by 14 October i.e means 4 days later from today.

And finally on 21 October, Exchange will prohibit all the Chinese users to use any kind of services for their users. Even users will not be able to login on the platform  either through web or app.

Here, BitZ is not only the exchange, which decided to halt their operations but there are many other crypto exchanges. For example Huobi, KuCoin exchange decided to close their operations after 31 December completely. But here BitZ exchange decided to stop their operations by this month, which does not sound like a good decision for their customers.

Read also: El Salvador will build pet hospital from Bitcoin profit