Cobo Wallet, a Singapore-based cryptocurrency custodian, will discontinue support for Chinese mainland users on October 31. As a result, users on the Chinese mainland will be impacted, including but not limited to asset management and lending.
During this time, the Cobo platform will adhere to the laws to protect your assets. Transfer functions will continue to function until you complete your account withdrawal.
Officials from Cobo Wallet have been assigned to assist people who are still submitting orders. The “clearing technique will be processed according to the product attributes,” according to the statement. They also intend to provide a final explanation. To avoid deception, this will be communicated through an official notification.
The Chinese government is waging a nationwide crackdown
Executives of cryptocurrency exchanges are feeling the pressure to adhere to China’s strict laws. Chinese authorities’ latest step is an attempt to combat money laundering and fraud. However, there are two major issues that some people associate with cryptocurrencies.
China’s central bank has outlawed any cryptocurrency-related operations and is taking no chances. The government is doing everything it can, from banning internet and offline searches to prohibiting the use of cryptocurrency. They’re restricting people’s access to information about initial coin offerings (ICOs) (ICOs).
Cobo Wallet has disabled the creation of new accounts
In response to the most recent regulatory policy requirements in Mainland China, Cobo stopped registering new accounts for users in May 2021. As a result, they no longer accept authentication certificates issued by that region. And will not help with certificate management in the future. Despite the recent decision, reports about these limitations were already available.
Some users in mainland China are nearing the end of their orderly withdrawals. Cobo will complete the clearing process. In addition, the platform will exit the user’s assets under a premise that ensures their safety.