Coinbene indicates exit due to China rules for cryptocurrencies.
The Chinese exchange Coinbene announced, this Monday (18), that it will leave Brazil. Therefore, it will stop services on the next 31st of November. “Due to well-known political reasons, many cryptocurrency brokers, including CoinBene, are subject to operational restrictions by the Chinese government.” the company said in a statement.
Users with assets in reais at Coinbene must withdraw the amounts before November 31st. After that, they should contact Coinbene Global, according to the statement. However, the company does not provide the contact to facilitate access by its customers.
The company has been in Brazil since 2018. In August 2020, the Brazilian Securities and Exchange Commission (CVM) ordered Coinbene and its head, Chenmin Gao, to immediately stop selling cryptocurrency futures contracts in the country. That’s because they didn’t have CVM authorization for that.
“If we cannot provide quality services, we prefer to stop. Here, we decided to discontinue the operation of the local Brazilian team, including customer service in Portuguese and deposit and withdrawal in BRL”.