TL;DR Breakdown
- Cobo Wallet will halt supporting Chinese mainland users after this month.
- China has banned all crypto-related activities leading to the departure of the Cobo Wallet.
Singapore-based crypto custodian Cobo Wallet will halt its support for Chinese mainland users after October 31. Users in mainland China will be affected, including but not confined to asset management, lending;
“If you are an existing user and there are still funds in your account. Rest assured that during this period, the Cobo platform will follow the laws to ensure the safety of your assets. Transfer functions will continue to work until you complete the account withdrawal of funds.”
Cobo Wallet has set officials in place to assist those who are still placing orders. Citing that the “clearing method will be processed according to the product attributes.” Moreover, they plan to offer a final explanation. This will come through an official announcement to avoid deceits.
China’s national crackdown
Cryptocurrency exchange executives are feeling the pressure to follow China’s stringent regulations. The latest move by Chinese authorities is an attempt to curb money laundering and fraud. Two significant problems that some link to cryptocurrency.
China’s central bank has banned all crypto-related activities, and they are leaving nothing to chance. The state is doing everything it can, ranging from blocking online and offline searches to cryptocurrencies. They are limiting access to information about initial coin offerings (ICOs).
Cobo Wallet stops new accounts
Cobo stopped registering new accounts for users from May 2021 in response to the latest regulatory policy requirements in Mainland China. As such, they no longer support authentication certificates issued by that particular region. And will not provide any help with certificate management moving forward. Despite this recent decision, there were already reports available about these limitations.
There are users in mainland China who are at the point of closing their orderly withdrawals. Cobo will complete the process of clearing. The platform will also exit the user’s assets under a premise that ensures their safety.
Cobo is a company that provides digital currency custody and asset management services. The crypto custodian provides customers with safe, stable options for their funds and relies on institutions and high-net-worth clients. They follow long-term principles in compliance with different country’s laws and regulations.
