Who says that China is closing down its exchanges permanently? It may very well turn out to be a temporary stop till the exchanges there are granted a special license that allows them to keep operating as they normally would, but then with a few extra rules they are subject to. I strongly believe that this may end up becoming reality. If China really wanted to implement regulations that would prevent exchanges from allowing CNY trades to happen, they would have done so years ago already. These special licenses were likely already on the government's to-do list, but it's the recent growth the crypto market has gone through that made them to do this, until they find out how it is the best for them to at least control the situation to a certain extent.