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Bitz has recently announced their closure process. But why and when did they announce this? How this can affect you and your trade? And finally what you can do next if you are a user of theirs?
There is much more to know in this Bitz exchange review actually it is a closure Bitz review.
What is BitZ?
Bitz is a China-based cryptocurrency exchange launched in 2016. It was one of the most popular exchanges in the Asia region and mostly in China.
It has average daily volume was around 300 to 600 BTC, it is not as big as Binance or Kucoin but they have made its presence for more than 4 years.
What Happened To Bitz?
On 21st October 2021, they announced that they are going to close their services step by step. The closure is happening because of “Policy and Regulatory Requirements”.
At first, they suspended new user registration and KYC in Mainland China on 26th September.
On 08th October 2021, they stopped registration for all regions was got closed. No new registrations will be allowed after 08th October and only transactions or withdrawals will take place.
On 14th Oct 2021 OTC trading was got closed and contract trading functions got stopped. On 21st Oct 2021, all currency trading was stopped. Active positions will get closed automatically on 14th Oct as per market price.
On 21st Oct 2021, users are not allowed to log in on the Bitz website and mobile applications.
Users have to verify their identity in order to withdraw their assets. This is where things smell bad.
Why They Packed Up?
Unfortunately, it seems this is happening because of Chinese regulators. But their actions are also not much good, they closed their website and asked users to verify their ID before withdrawing their own funds.
(This is the reason why you should not hold your funds in exchanges)
They have done everything very quickly and users didn’t get enough time to withdraw their money which is unprofessional.
Official Announcement: https://www.mifengcha.com/announcement/615fe7a7cd4478244f5649c2
Website (Announcement): https://www.bitz.com/