Cryptocurrency holders in China withdraw their funds from crypto exchanges

Cryptocurrency holders who store their assets on local exchanges have begun mass withdrawals. Local journalist Colin Wu said this in a post on his social network.

“The Chinese community is launching a ‘coin withdrawal campaign’ calling for the withdrawal of all US dollars and cryptocurrencies held on exchanges and urging users to remove their accounts,” he wrote on Twitter. In particular, Colin Wu noted that according to the Cryptoquant service, investors are taking digital assets from platforms such as Binance, Bitfinex, Poloniex, Bittrex, Kraken. Among the main reasons is the repeatedly recurring problem with the withdrawal of cryptoassets at the initiative of the platforms themselves, some of which periodically disabled the withdrawal option, citing malfunctions in the Tron and Ethereum wallets.

Also, experts believe that the actions of investors may be associated with the listing of DeFi tokens. According to Colin Wu, the platforms intend to take advantage of the excitement around a profitable farming strategy, in which users profit from any form of interaction with the DeFi-protocols.