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Policy Review
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A Retrospective on the Regulatory Process Behind the Collective Exit of Chinese Crypto Exchanges from the Market
Between 2017 and 2021, Chinese regulatory authorities issued a series of stringent bans targeting virtual currency trading activities, prompting numerous crypto exchanges to collectively exit the Chinese mainland market. The "September 4 Notice" in 2017 required platforms to shut down domestic services, while the "September 24 Notice" in 2021 further classified the provision of services by offshore exchanges to domestic residents as illegal financial activity. These policies were designed to prevent financial risks and combat criminal activities, prompting exchanges to successively shift their business focus overseas. This article reviews this regulatory trajectory and the logic behind it.
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A Retrospective on the Regulatory Process Behind the Collective Exit of Chinese Crypto Exchanges from the Market
Between 2017 and 2021, Chinese regulatory authorities issued a series of stringent bans targeting virtual currency trading activities, prompting numerous crypto exchanges to collectively exit the Chinese mainland market. The "September 4 Notice" in 2017 required platforms to shut down domestic services, while the "September 24 Notice" in 2021 further classified the provision of services by offshore exchanges to domestic residents as illegal financial activity. These policies were designed to prevent financial risks and combat criminal activities, prompting exchanges to successively shift their business focus overseas. This article reviews this regulatory trajectory and the logic behind it.
Policy Review
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