The Flamingo Finance team has announced that it will cease offering its services to Mainland China users at 10:00 a.m. (UTC) on Monday, Oct. 18, 2021. After that time, users with an IP address based out of China won’t be able to access the DeFi platform.
On Sep. 24, 2021, the People’s Bank of China declared that all crypto trading activities are illegal. The PBoC also stated that any foreign website that offered trading services to Mainland Chinese users is conducting illegal activity.
The Flamingo team said, “In response to the local regulatory requirements for the industry, the Flamingo team decided to adjust the service scope accordingly.”
The Flamingo platform is incubated by Neo Global Development, which has supported the team in building a DeFi platform with unique characteristics. Through the Poly Network interoperability protocol, Flamingo offers cross-chain swapping with Neo, Ethereum, and Switcheo. Flamingo also serves as a protocol cluster that allows users to wrap, stake, vote, and trade in one platform.
While Flamingo has mostly been developed in-house, the Flamingo team doesn’t want to be the arbiters of DeFi in the Neo ecosystem. In May 2021, MyMingo submitted its proposal to assume responsibility for the platform. The proposal included goals for a transition between the two teams, marketing ideas, and suggestions for new features. Since then, NGD and MyMingo have collaborated and begun building an initial DEX offering module.
The full announcement can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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