As the Chinese government continues to crack down on the country’s cryptocurrency market, two of the country’s biggest cryptocurrency exchanges have announced that they will halt a few services in response. Specifically, Huobi and Okex are going to stop providing services to companies that might be interested in launching an Initial Coin Offering, the cryptocurrency financing mechanism that has become incredibly popular lately.
Amid stern warnings from China cryptocurrency exchanges Huobi and Okex, the leading trading platforms of the country, that they will be halting some of their trading services, the two have made good on their promise, with both companies halting voucher and token withdrawal services. This comes after a Chinese government official warning that crypto exchanges need to improve their business model or face closure, which comes after the People’s Bank of China warned in a statement that all exchange platforms must close by the end of September 2018.
Cryptocurrency trading platforms based in China have been in the hot seat since early 2018, when the People’s Bank of China (PBOC) started scrutinizing the industry. The scrutiny has been increasing in recent months, as the PBOC has been threatening to shut down cryptocurrency exchanges for operating in China without acquiring a government-issued license. (The PBOC considers these exchanges “unauthorized,” and trading in cryptocurrency in China is considered illegal.). Read more about list of chinese crypto exchanges and let us know what you think. On Friday, the cryptocurrency community discussed a report from the 51st Crypto-Currency Conference. China’s Central Economic and Financial Commission, which reiterated its warnings against bitcoin mining. The following Sunday, reports surfaced that cryptocurrency company Huobi had halted cloud mining operations and other cryptocurrency services for customers in mainland China.
Rumors of a troubled relationship between China and bitcoin persist
In 2017, bitcoin (BTC) repeatedly proved resistant to negative news from China, following a tumultuous year of bad news from China in 2013. The year 2021 has been very different, and it seems that the Chinese government’s policies towards cryptocurrencies in general and the mining industry still matter to many people. After Friday’s news, two days later, reports about cryptocurrency companies Huobi and Okex led cryptocurrency advocates to talk about China again. The images were shared Sunday by local Chinese journalist Wu Blockchain. (Left) Huobi’s announcement that it will stop mining services for customers living in mainland China. (Right) Xinhua News Agency on bitcoin mining and trading. On Sunday, regional publication chainnews.com published a report that Huobi will stop selling miners and cloud-based cryptocurrency hosting services to customers in mainland China. In addition to chainnews.com, local Chinese journalist Wu Blockchain also discussed the situation on Twitter. Huobi Pool said it would stop providing its services to Chinese users, the reporter writes. Those who have already purchased Bitcoin mining machines will be removed from store shelves. Interestingly, Huobi said FIL mining machines have not been affected, he added.
Local correspondent: We should not underestimate the influence of Chinese investors
The reporter also said that the Chinese government wants to suppress bitcoin mining. Wu Blockchain said that Okex has stopped using OKB (RMB) fiat currency and the exchange platform’s currency dropped after this news. China’s two main stock exchanges have taken minimal precautions. Huobi has withdrawn the sale and storage of mining machinery for the Chinese, and Okex has stopped trading the platform currency with the yuan, they are still waiting [for tomorrow], he added. In addition to Wu’s Blockchain tweet, Huobi issued a statement to global macroeconomics and politics journalist David Pan. Due to recent dynamic changes in the market, some services such as futures, ETP or other leveraged investment products are temporarily unavailable to new users from specific countries and regions, Huobi said in a statement shared by Pan. In addition, Wu Blockchain shared an article from Xinhua News Agency that takes a closer look at bitcoin mining and trading. The reporter also notes that there is no definitive information on imposing restrictions on the mining and trading of bitcoin. However, a local journalist believes these problems will continue until next week or even next month. Chinese investors still account for more than 60 percent of the trading volume of open contracts, the reporter said. Chinese miners own large amounts of Bitcoin and Ethereum. We should not underestimate the influence of Chinese investors on the cryptocurrency market. What do you think of all the rumors circulating again about China and cryptocurrencies? Let us know what you think in the comments below.
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Bitcoin miners, bitcoin trading, China, Chinese bitcoin miners, Chinese investors, Chinese miners, David Peng, FIL miners, Huobi, mainland customers, Okex, warnings, Yuan, Wu Blockchain, Xinhua News Photo credit: Shutterstock, Pixabay, Wiki Commons, Wu Blockchain, Twitter, Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Over the past few weeks, a number of cryptocurrency exchanges have reportedly shut down or suspended services in China. Some of the suspensions were temporary, while others suggest longer-term issues with Chinese regulators. The exchanges affected include Huobi and Okex, which is based in Hong Kong, but has offices in China. According to Caixin, Huobi and OkEx have temporarily halted their over-the-counter (OTC) business in China.. Read more about huobi vs binance reddit and let us know what you think.
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