Everyone is quite caught up regarding the stance of China for the crypto industry and its trading. It was not like this all along, but something has changed or even broken who knows what, but it has made China hell-bent on the idea of decentralization and doing everything to make it stop. China has sealed its borders from welcoming crypto and mining investments, and if spoken with honesty, the mid-May crash of the crypto market was essentially initiated by the crackdown of China against miners. Many of them have left the country to find more friendly frontiers which would be happy to accommodate their operation, and some are still going on under the radar and consistent hostility of the country.
BTC.com, which is the subsidiary of BIT mining, has finally decided to leave mainland China; the firm has spoken in an official capacity to pinpoint the reason directly to the unwanted regulating policies that China has drummed up in the recent month or two. BTC.com is among the latest exchanges, mining pools, and crypto trading companies to have left mainland China amid such a negative stance for the crypto industry.
China Closes its Borders for Crypto
Many notifications have been initiated by the site to its current users in China that it will be closing their accounts and will refrain from registering any new users, especially from the region. While this may badly affect the performance of the company in the long run but the operations team is of the belief that more international growth will be associated with the firm soon. It is not wrong to say that China has lost quite a business here when it comes to crypto mining as it was initially considered the hub of crypto mining, but it never seems to mind it at all.
It is as if China is willingly doing it and either want to dominate the market itself in terms of mining or completely back down any and all opportunity of crypto becoming mainstream within its borders. This geo-blocking and crackdown of crypto by China is not going to stop the industry from going mainstream, as many analysts have already said, so the question is; does everything that China is doing is futile and without reason?