Bitcoin exchange liquidation follow-up: Lianhang and others announced transformation, Yuanbao.com will transfer business overseas

Since the People's Bank of China and seven other ministries issued the "Announcement on Preventing the Risks of Token Issuance and Financing", domestic Bitcoin exchanges have successively announced the suspension of all transactions and started the process of clearing funds and assets.

On the evening of October 10, BTC China, one of the three largest Bitcoin exchanges in China, announced that it would stop cash withdrawals at 12:00 noon Beijing time on October 30. This also means that the liquidation of customer funds and assets of BTC China will be completed at the end of this month.

Asia Finance found that related liquidation work is underway at other major domestic Bitcoin exchanges. Some platforms have completed asset liquidation, closed their websites, and stopped services.

According to the domestic Bitcoin transaction monitoring report for July released by the National Internet Financial Security Technology Expert Committee, the three trading platforms with the largest trading volumes are OKCoin (22.5%), Bitcoin China (19.7%) and Huobi (18.2%), with a combined share of 60.4%.

According to the distribution of transaction volume given in the monitoring report, the transaction volume of 10 platforms including FreeWillex, BitMine, 51 Digital Assets, Coinnice, Haifengteng, Yunbi.com, Lianhang, China Bitcoin, Microbit, and Bitcoin Exchange followed the three major platforms of OKCoin, Bitcoin China, and Huobi.com, and the transaction volume of the above 13 platforms accounted for more than 90%. In addition, 5 platforms including BiChuang.com, BitTimes, Yuanbao.com, Bibei.com, and Kaiyuantongbao have also been included in the monitoring report many times.

It is noteworthy that while announcing the suspension of virtual currency trading business, platforms such as Bitcoin China and WeBit clarified that their mining pool business will not be affected and will continue to operate normally; platforms such as Lianhang and China Bitcoin announced transformation and business adjustments and continued to provide users with storage services such as digital asset wallets; Yuanbao.com announced the transfer of virtual digital asset storage business to overseas company Bit Technology Group (BTG) while completely stopping trading, and BTG established Yuanbao Wallet to continue operating the virtual digital asset storage business; and while Coinnice announced the suspension of the Chinese site, its international site will continue to provide services.