Crypto Exchange Huobi Suspending Services for New Users in China

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Mon, 05/24/2021 - 05:18

Alex Dovbnya

Huobi is feeling the heat of China's renewed cryptocurrency crackdown

Crypto Exchange Huobi Suspending Services for New Users in China

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In a statement to Reuters, cryptocurrency exchange Huobi has confirmed suspending its services in Mainland China amid a crackdown.

As reported by U.Today, Huobi Pool stopped providing mining hosting services to Chinese customers on May 23.

The company has also halted the sales of its cryptocurrency mining machines.

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Last week, a top Chinese regulator called for clamping down on Bitcoin mining and trading, causing a significant market correction.

The BTC.TOP pool suspended its Chinese operations last week. Founder Jiang Zhuoer claims that China will lose its Bitcoin mining crown to the U.S.:

Eventually, China will lose crypto computing power to foreign markets as well.

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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.