News China's ICO Ban Forces BitBays to Suspend Operations of...

China’s ICO Ban Forces BitBays to Suspend Operations of Bi Bei Wang Asset Exchange

-

- Advertisment -

It was to be expected! Few big changes following China’s ICO ban. Although the main focus is on initial coin offerings, exchanges also feel the heat. BitBays, a British-registered company, is shutting down their Bi Bei Wang digital sets exchange in the country. This is only one of the first victims of this new regulation, by the look of things.

It is quite interesting to learn a British company has an asset exchange in China. Although very few people seemingly know of BitBays, their Bi Bei Wang platform has become pretty popular lately. This is mostly due to them trading various digital assets. Unfortunately, the government is cracking down on ICOs, which forces some changes. As a result, Bi Bei Wang will be shut down and services are migrated to MixCoins.

A Pre-emptive Decision by BitBays

Given this new regulation, it is only normal some companies take this course of action. Although this is a preemptive step and not an official requirement by the PBoC, the decision makes a lot of sense. Any blockchain project based out of China can no longer look for investors in the mainland. This also means smaller digital asset exchanges may face struggles along the way. It wouldn’t be surprising if other exchanges of this type pull away from China until the dust settles. After all, users can still trade on the MixCoins platform, which is operated by the same time.

What is peculiar about MixCoins is how they will not serve Chinese customers moving forward. More specifically, they are enforcing that there will be no Chinese clients whatsoever. It is unclear how the company hopes to achieve this right now. For the time being, Chinese users can log in through BitBays and see their funds. All other functionality has been suspended, other than fund withdrawals. There will be a deadline to move funds out, though, which makes time of the essence in this regard.

Last but not least, BitBays is fully compliant with FATCA, FinCEN, and MSB. This pre-emptive decision to halt operations in China is their best course of action. The name BitBays will no longer be used either. It is unclear what will happen to the Bi Bei Wang name in the future. The service may relaunch in the future, although that has not been confirmed at this point. Operating a legal platform in China right now requires a lot of time and funding. For most companies, it may not be worth the effort.

Source link

Latest news

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.
- Advertisement -China's ICO Ban Forces BitBays to Suspend Operations of Bi Bei Wang Asset Exchange

Top 5 Ways To Build a Profitable Business in The Crypto Sector

The crypto industry has grown significantly despite criticism and a skeptical approach from regulators across the globe....

These 8 Cryptocurrencies Will Survive the Next Decade

Cryptocurrency is the future, we all have reasons to believe it. But are people ready...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you