It took a little over three months for Bitcoin miners to disappear from China. New data from researchers at the University of Cambridge has revealed the rapid impact of the Beijing crackdown on cryptocurrency mining.
The Cambridge Center for Alternative Finance (CCAF) found that by the end of August 2021, the percentage of Bitcoin mining in China had “effectively fallen to zero”.
The graph above highlights the same. Obviously, the massive yellow dominance faded around August.
And then
Following the exit of miners from China, the country’s policies have also forced crypto exchanges, businesses and other crypto-related activities to slow down or exit.
MEXC , the largest altcoin exchange in the Chinese region, announcement that he has signed several agreements with certain international investment funds. Although he hasn’t quite reported the details. The team took to Twitter to highlight the news.
Official announcement:
1 / We are delighted to announce that MEXC Global has recently entered into agreements with several international investment funds to support the expansion of our global operations.
– MEXC World (@MEXC_Global) [December 25, 2021]
It looks like the original management team will be pulling out of China and all Chinese users will be allowed by the end of December. Regarding the start, the team declared :
“Adjustments to the corporate governance structure are underway under the leadership of the new united board of directors. The new diverse management team will be adopted, and the old team will phase out after the deletion of user accounts in mainland China. “
Meanwhile, the team also spear MX Token 2.0 program. In addition, it aims to “take a new step in the development of the blockchain ecosystem and the acquisition of talent”.
Additionally, in October of this year, the exchange was recognized as “Best Crypto Exchange in Asia’ at the Crypto Expo Dubai. A MEXC executive recently highlighted the exchange’s global expansion plans, saying, “In terms of expanding the global market, we have received licenses from five countries, including Estonia, United States, Australia, Canada, and Switzerland. “
Other developments
MEXC Global was not the only stock exchange to break free from the country. China’s largest exchange, Huobi, said it will charge a management fee for Chinese users who have not yet withdrawn cryptocurrency.
The official announcement reads as below.
“Huobi Global will complete the orderly removal of users in mainland China on December 31, 2021 (GMT + 8). Going forward, mainland Chinese users who still have large funds in Huobi Global after February 15, 2022, will refer to usual industry practices and start charging account management fees.
Notably, the billing standard for account management is 0.2% of the monthly snapshot. But, if the value of the Account Management Fee receivable on a single account is less than one USDT, then it will be billed as one single USDT.
It is worth mentioning that Huobi recently established its regional headquarters in Singapore and also plans to establish a regional headquarters globally as the business grows.

Crypto Exchange MEXC Global To ‘Remove’ Mainland China User Accounts comes via ChinaTechNews.com.