[2019-12-02] 5 Small Chinese Crypto Exchanges Shut Down in November 2019

[jdebunt]

For Bitsoda, Akdex, and Btuex, the decision to exit the crypto market – perhaps temporarily – was made in the final two weeks of November.  Btuex is the only platform that will actively attempt to reopen overseas, albeit no official timeline has been provided at this time.

https://fintoism.com/cryptocurrency/5-small-chinese-crypto-exchanges-shut-down-in-november-2019/

[mindrust]

For Bitsoda, Akdex, and Btuex, the decision to exit the crypto market – perhaps temporarily – was made in the final two weeks of November.  Btuex is the only platform that will actively attempt to reopen overseas, albeit no official timeline has been provided at this time.

https://fintoism.com/cryptocurrency/5-small-chinese-crypto-exchanges-shut-down-in-november-2019/

They should close most of those so called big-volume Chinese exchanges too. Most of them have fake volume anyway. It seems these were so crap they couldn't even afford to pay for a spot on Coinmarketcap.

[jdebunt]

They should close most of those so called big-volume Chinese exchanges too. Most of them have fake volume anyway. It seems these were so crap they couldn't even afford to pay for a spot on Coinmarketcap.

I'd agree with that. I doubt anyone outside of China even knew about these platforms in the first place.

Some people may miss them, but it shouldn't be too difficult to find a proper replacement tbh.

[mohdk52]

How many exchanges are left? If there are more than 10 left, it is only the consequences of competition.

[TRONTON]

How many exchanges are left? If there are more than 10 left, it is only the consequences of competition.

Internal pressure from the government makes them unable to survive, exchanges such as binance, huobi and okex have even moved their company licenses first.

There is almost no competition for crypto exchanges in China because the government remains in a position to ban it. Companies (biss) who seem to want to cooperate fully are also still not getting positive results and are dragged into other new cases.

[audaciousbeing]

For Bitsoda, Akdex, and Btuex, the decision to exit the crypto market – perhaps temporarily – was made in the final two weeks of November.  Btuex is the only platform that will actively attempt to reopen overseas, albeit no official timeline has been provided at this time.

https://fintoism.com/cryptocurrency/5-small-chinese-crypto-exchanges-shut-down-in-november-2019/

Businesses shut down here and there over the world so the shutting of some businesses in far away China should not give anyone a sleepless night considering what they are contributing to the market in terms of volume and users. I just hope that they have discharge all their liabilities where people are given adequate notices to withdraw their fund from the platform and put it else where. While the one going overseas, there is more work to be done as the legal framework is surely different from country to country in addition to another round of set-up costs to be incurred. All the best to them...

[hugeblack]

It's good, there are a lot of platforms that are meaningless.
They help in pumping a lot of altcoins and their purpose is mainly to make their developers rich or the owners of those currencies.
10 reliable platforms are better than 100 useless. let them let the decentralized platform stand.

[Kprawn]

The Chinese thought they could stop communication from the rest of the world by introducing a firewall and it failed miserably. People just found

ways to bypass it and this is going to be the same with Bitcoin exchanges. The Chinese people will just start using decentralized exchanges or

send bitcoins to friends and family in other countries where Bitcoin is legal and convert it to fiat. There are also local P2P exchanges taking place

and lots of deals being done on black markets. 

[figmentofmyass]

It's good, there are a lot of platforms that are meaningless.
They help in pumping a lot of altcoins and their purpose is mainly to make their developers rich or the owners of those currencies.
10 reliable platforms are better than 100 useless.

i'd agree with you if this were a function of competition. it's not though. they are explicitly closing because of the recent government crackdown. it's a classic example of government overreach creating an uncompetitive market where small businesses can't thrive.

large and well-capitalized entities like binance benefit from this lack of competition. they are the only beneficiaries from the crackdown. it's no wonder binance has been bending over backwards to attract chinese traders: https://cointelegraph.com/news/binance-starts-accepting-fiat-currencies-through-alipay-and-wechat

[milewilda]

It's good, there are a lot of platforms that are meaningless.
They help in pumping a lot of altcoins and their purpose is mainly to make their developers rich or the owners of those currencies.
10 reliable platforms are better than 100 useless. let them let the decentralized platform stand.

We cant stop those people on creating new exchangers due to possible on becoming rich with this kind of business.We do have lots but not totally needed.
Suddenly there are news about exchange closure which names arent even heard off yet outside on a specific country which does signify that majority only
target out the main or popular ones.

[suzanne5223]

For Bitsoda, Akdex, and Btuex, the decision to exit the crypto market – perhaps temporarily – was made in the final two weeks of November.  Btuex is the only platform that will actively attempt to reopen overseas, albeit no official timeline has been provided at this time.

https://fintoism.com/cryptocurrency/5-small-chinese-crypto-exchanges-shut-down-in-november-2019/

They should close most of those so called big-volume Chinese exchanges too. Most of them have fake volume anyway. It seems these were so crap they couldn't even afford to pay for a spot on Coinmarketcap.

You might be right with what you said about the fake volume listing but the last time I checked every crypto exchange site are all guilty of fake volume listing at some point before they make the correction and if you couldn't remember in the year 2016 if I'm correct Coinmarketcap was also of fake volume data. With that been said, reading through the article I found out that the reason why the exchange's site are shutdown was not because of fake volume.

[Viscore]

If they are really into crypto exchanges crack down, we can't expect that those other exchanges that are still operating now will survive.
Those who see the potential of the market will surely get out of China and operate outside the country, with that they can continue to do their business with a better regulation.

Those exchanges that are stable may online cater chinese people, more like a local exchanges if I am not mistaken, because they are not popular here.

[mindrust]

For Bitsoda, Akdex, and Btuex, the decision to exit the crypto market – perhaps temporarily – was made in the final two weeks of November.  Btuex is the only platform that will actively attempt to reopen overseas, albeit no official timeline has been provided at this time.

https://fintoism.com/cryptocurrency/5-small-chinese-crypto-exchanges-shut-down-in-november-2019/

They should close most of those so called big-volume Chinese exchanges too. Most of them have fake volume anyway. It seems these were so crap they couldn't even afford to pay for a spot on Coinmarketcap.

You might be right with what you said about the fake volume listing but the last time I checked every crypto exchange site are all guilty of fake volume listing at some point before they make the correction and if you couldn't remember in the year 2016 if I'm correct Coinmarketcap was also of fake volume data. With that been said, reading through the article I found out that the reason why the exchange's site are shutdown was not because of fake volume.

The Chinese exchanges do it lot more than the exchanges people actually use.

Go to coinmarketcap and see markets under btc:

You will see lots of Chinese exchanges which you never heard of or used till you see an exchange you actually know.

Trading Volume-wise The legit ones are most likely: Binance, Kucoin, Coinbase, Bitfinex, Kraken, Poloniex, Gemini, Bitstamp. (Maybe there are a few more, couldnt remember)

You won't see any of those in the first page on CMC. You'll have to scroll way down. That alone means even these exchanges above I mentioned were cheating, it is nothing and I mean NOTHING compared to the what the Chinese has been doing.

[Theb]

Are these news from China even true? That these exchanges are closing because of an anti-crypto government? If this is true why are the big exchanges in China like Huobi and OkEX are not having statements about this or at least looks to be affected on the government breathing under them. Not until we have some big names involve we cannot confirm these kinds of news.

[CryptoBry]

For Bitsoda, Akdex, and Btuex, the decision to exit the crypto market – perhaps temporarily – was made in the final two weeks of November.  Btuex is the only platform that will actively attempt to reopen overseas, albeit no official timeline has been provided at this time.

I really don't care if these unknown cryptocurrency exchanges are shutting down or not. Well, they are doing business in a country that is not willing to reconsider its strong stand on cryptocurrency, so they better take their good business elsewhere where they can legally operate. They should be following the steps taken by Binance which is now based in Malta, one of the most crypto friendly countries we can find. Doing business in China is just like playing the Russian roulette, you don't know if soon you can be on the target. But why these platforms seems to be willing to risk everything just to do business in that country? Maybe because there is really a huge market for cryptocurrency in China.

[hv_]

I wonder how many they have / had to do with binance ?

[Vishnu.Reang]

Although competition is a good thing, what happening with the exchanges is not something that is advisable. There are too many of them out there, and many of them are being operated by individuals with shady credentials. I think we'll be better if there are a few dozen crypto-exchanges out there, instead of the current number of a few thousands.

[squatter]

Are these news from China even true? That these exchanges are closing because of an anti-crypto government?

Btuex and IDAX both cited Chinese government policies as the reason. Based on the timing of these closures, I think it's also implied.

If this is true why are the big exchanges in China like Huobi and OkEX are not having statements about this or at least looks to be affected on the government breathing under them.

The government seems to be focused on domestic operations at the moment. Their exchange operations aren't located in China, so they may not perceive a major risk.

[bbc.reporter]

Are these news from China even true? That these exchanges are closing because of an anti-crypto government? If this is true why are the big exchanges in China like Huobi and OkEX are not having statements about this or at least looks to be affected on the government breathing under them. Not until we have some big names involve we cannot confirm these kinds of news.

Huobi will be part of a blockchain alliance that will be led by the government affiliated State Information Center in China.

I reckon some Chinese exchange founders might be politically connected hehehe.

[squatter]

Are these news from China even true? That these exchanges are closing because of an anti-crypto government? If this is true why are the big exchanges in China like Huobi and OkEX are not having statements about this or at least looks to be affected on the government breathing under them. Not until we have some big names involve we cannot confirm these kinds of news.

Huobi will be part of a blockchain alliance that will be led by the government affiliated State Information Center in China.

I reckon some Chinese exchange founders might be politically connected hehehe.

Huobi seems friendly with the Chinese government, alright. They even established a local CCP branch at their Beijing subsidiary.

If any exchange is going to get whitelisted by the government, it's them.