Huobi and OKEx Wind Down Crypto Businesses in China

A representative of the Huobi cryptocurrency exchange said that the platform is closing its mining business in China to protect the interests of investors

Cryptocurrency exchange Huobi closes its mining business in China, and also restricts trading functionality. This is reported by Bloomberg, with reference to the company. According to media reports, in addition to Huobi, the OKEx crypto exchange is also shutting down business in China.

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Huobi said the decision was made due to “recent dynamic changes in the market.” Representatives of the exchange claim that in this way they want to protect the interests of investors. Futures contracts, crypto products traded on exchanges, as well as lending have already fallen under the “temporary” restrictions.

As reported local media, Huobi is also scaling back cloud mining services in China. Users from China can also not use the services of the Huobi Pool mining pool.

Cryptocurrency exchange OKEx will also wind down its business in China, restricting the country’s users to peer-to-peer trading of the exchange’s native OKB token. Despite the fact that both exchanges officially left China back in 2017, the user base is still large, write in Decrypt.

China strikes again

The authorities of the country have announced a fight against the mining of cryptocurrencies. China is trying to protect the financial system and reduce carbon emissions at the same time. 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 what kind of restrictions on miners are going to be imposed by the Chinese authorities. Earlier, China announced that it would ban financial institutions from serving cryptocurrency services. It is noteworthy that the news came a month after the deputy governor of the Central Bank of China (NBK) called bitcoin an “alternative investment”.

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