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

[veleten]

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

way more than 10 left , those closed are tiny exchanges only a few chinese knew about , it seems
oh and the topic creator too  , this is not due to some major change in the policy or legislation
most likely competition and the lack of business , but could be anything
in a country with > 1 bil people 5! small! exchanges closing is not really a big deal
but if there is a tendency and most of them are shutting down or transferring their business overseas ,then that would be news

[pixie85]

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

According to CZ Binance doesn't have an office in China

All in all it's not that bad. Less exchanges in China is less fake volume produced. We all know nobody was faking it as much as the Chinese. Also they weren't even trading in China because financial institutions are banned from providing services to bitcoin exchanges since 2015 so they were in China but trading outside China. Now they can move and do it in a proper way.

[Slow death]

They should close most of those so called big-volume Chinese exchanges too. Most of them have fake volume anyway.

it reminded me of this article:

For $15K, He’ll Fake Your Exchange Volume – You’ll Get on CoinMarketCap

the false volume problem is very large and covers over 90% of exchanges

Bitcoin Futures Volume Is More Significant Than You Think, Bitwise Says

It seems these were so crap they couldn't even afford to pay for a spot on Coinmarketcap.

I thought coinmarketcap didn't charge money for these exchanges to be listed

[1Referee]

I thought coinmarketcap didn't charge money for these exchanges to be listed

The requirements for an exchange to be listed on CMC can be found here.

Based on that it doesn't seem they accept payment through the regular route, but it may be that they after a year or so do send exchanges an email that they should pay x amount to stay listed. Considering that a CMC listing is a pretty big deal, exchanges will likely proceed. Just speculation though. I have no evidence to back that up.

[dreamhouse]

the chinese communist party wants themselves to run a state-based crypto, thus they need to control the exchanges.