Cryptocurrency News

Huobi and OKX halted some services amid tight warnings from Chinese crypto firms – regulation bitcoin news

On Friday, the cryptocurrency community discussed a report emanating from China’s 51st meeting of the Central Financial and Economic Affairs Commission reiterating warnings about bitcoin mining. The following Sunday, the report revealed that cryptocurrency operation Huobi has suspended its cloud-mining operation and other crypto services for customers in mainland China.

Rumors of uneasy relations between China and bitcoin continue

On several occasions in 2017, it was said that bitcoin (B T c) Back in 2013, after a turbulent year of bad news from China, it was resilient to negative news from China.

2021 has been completely different, and it seems that the Chinese government’s policy towards cryptocurrency, in general, and the mining industry is still meaningful to many. after Friday news, Two days later, crypto proposers are once again discussing China in a report involving cryptocurrency companies Huobi and Okx.

Some services were halted amid stern warnings from China's crypto firm Huobi and Okx
Images shared on Sunday by local Chinese journalist Wu Blockchain. (Left) Huobi’s announcement to discontinue mining services for customers residing in mainland China. (Right) Xinhua news agency about bitcoin mining and trading.

On Sunday, the regional publication published a Report good That the elaborate Huobi was eliminating Minor sales and crypto cloud hosting services for customers located in mainland China. In addition to, local Chinese journalist Wu Blockchain Situation discussed On twitter

“Huobi Pool said it would stop providing services to Chinese users,” the reporter wrote. “Those who have already purchased a bitcoin mining machine will be removed from the shelves, an interesting thing is that Huobi said that the FIL mining machine would not be affected,” he said.

Local Reporter: ‘We cannot underestimate the impact of Chinese investors’

The journalist also said that “the Chinese government’s expression is to tighten bitcoin mining.” Woo blockchain forward Detailed That the OXX has stopped using “OKB’s Fiat Currency (RMB)” and the exchange’s platform coin fell after the news.

“The two major exchanges in China have taken only minimum precautionary measures. Huobi has removed the sale and detention of mining machines for the Chinese people, and OKEX has closed the trading platform currency with the RMB, they are still waiting [for] Tomorrow, ”he said.

In addition to Wu Blockchain’s tweet, Huobi has a Statement To global macro and policy reporter David Pan. “Due to recent dynamic changes in the market, a portion of services such as futures contracts, ETPs, or other leveraged investment products are temporarily unavailable to new users in certain designated countries and territories, to protect the interests of investors, Huobi’s statement shared with Paan states.

In addition, Wu blockchain further Shared One Article From Xinhua news agency that attacks “bitcoin mining and trading in more detail”. Reporter too notes There is no “definitive information” on how to tighten bitcoin mining and trading. Nevertheless, the local reporter believes that these issues will continue “for the next week or a month”.

“Chinese investors are still responsible for more than 60% of the trading volume of permanent contracts,” the reporter concluded. “Chinese miners hold large amounts of bitcoin and Ethereum. We cannot underestimate the impact of Chinese investors on the cryptocurrency market.”

What do you think about all the rumors revolving around China and cryptocurrency? Tell us what you think about this topic in the comments section below.

Tag in this story

Bitcoin miner, Bitcoin trading, China, Chinese bitcoin miners, Chinese investor, Chinese miners, David pan, FIL Mining Machines, Huobi, Mainland customer, Okkes, precautionary measures, RMB, Woo blockchain, Xinhua News

Image credit: Shutterstock, Pixabay, Vicky Commons, Woo Blockchain, Twitter,

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Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.