Representative of the cryptocurrency exchange Huobi said that the site is suspending its mining services in China to protect the interests of investors.
May 24, 2021, | AtoZ Markets – Cryptocurrency exchange Huobi is shutting down its mining business in China, as well as limiting trading functionality, Coindesk reports this with reference to the company.
According to media reports, Seychelles-based crypto exchange said the decision was made due to “recent dynamic changes in the market.” Exchange representatives claim that in this way they want to protect the interests of investors.
The “temporary” restrictions have already included futures contracts, crypto products traded on exchanges, as well as lending.
Houbi is phasing out cloud mining services for Chinese residents
According to local media reports, Huobi is also phasing out cloud mining services in mainland China. Users from China also cannot use Huobi Pool’s mining pool services.
Cryptocurrency exchange OKEx will also curtail its business in China, restricting users of the country to peer-to-peer trading in the native token of the OKB exchange . Despite the fact that both exchanges officially left China back in 2017, the user base is still large, writes Decrypt.
The country’s authorities have announced the fight against cryptocurrency mining. China is trying to protect the financial system in this way and at the same time reduce carbon emissions. Such a loud statement almost immediately affected the entire cryptocurrency market, which remains in a downtrend all weekend.
However, there is still no information about exactly what restrictions on miners are going to be introduced by the Chinese authorities. We will remind, earlier, China announced that it would prohibit financial institutions from serving cryptocurrency services. Notably, the news came a month after the deputy governor of the Central Bank of China (PBC) called Bitcoin an “alternative investment.”
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