A fresh wave of regulations on crypto mining and related activities coming from the Chinese government recently hit the market hard, causing cautious miners and traders to halt all or part of their operations in China. Compared to the previous ban in 2017, the tightened rules this time expanded the scope notably. As a result, several crypto exchanges announced a pullback of their business in China. Considering the interests of over 5.5 million registered global users, BitMart also updated its policies regarding crypto services for the Chinese market.
According to BitMart, to meet the adjustment of policies in China (Mainland), residents in China (Mainland) have been restricted from registering new accounts and using certain services such as Futures on BitMart website.
As the crypto sector receives increasing attention from mainstream institutions and government authorities, BitMart has been cherishing its compliance status with evolving policies and regulations in different jurisdictions for the safety of users assets as well as BitMart’s long term development. With more than 25% of users in the United States, the building of its legal and compliance landscape in the U.S. has been one of BitMart’s top priorities. In 2018, BitMart was registered as a federal-level Money Services Business (MSB) with the Financial Crimes Enforcement Bureau (FinCEN) under the U.S. Department of the Treasury. Since then, BitMart has been obtaining State level Money Transmitter Licenses with several States in the U.S.
“Taking compliance as one of our top priorities, we hope to secure a bright future not only for cryptocurrencies and the industry but also for all crypto enthusiasts,” commented Sheldon Xia, Founder and CEO at BitMart. “The crypto market is still at a fast-rising stage. BitMart will spare no effort to prepare itself for any challenges, and grow with the industry together.”
Source: Bitcoinist, Cointelegraph