The recent regulatory crackdowns from the world’s most populated nation have impacted not only crypto prices but businesses inside the industry as well. Huobi has temporarily suspended a portion of its services to new users in China and in other nations.
- CryptoPotato reported last week China’s latest endeavor against the cryptocurrency industry. In it, the State Council of China went after bitcoin mining shortly following reiterations reminding the community that bitcoin is banned within the country’s borders.
- Although the nation has been bashing BTC and the rest of the market for years, the news had an immediate impact on the market as prices started to tumble. Furthermore, it has also affected crypto businesses.
- One of the largest digital asset exchanges, Huobi Global, said on Monday that it will temporarily suspend some of its services. Namely, those include futures contracts, ETP, or other leveraged investment products, a company rep told CryptoPotato.
- As part of the reasoning, the representative said it was “due to recent dynamic changes in the market,” and these disruptions will affect “new users from a few specified countries and regions.”
“We plan to expand our Huobi Pool globally this year. In order to be more focused on the expansion of our overseas presence, we will currently suspend provisions of related services for new users in mainland China.” – the rep concluded and added that existing users will receive updated information soon.
- Huobi’s decision comes amid reports indicating that a few Bitcoin mining companies have already halted their operations in Mainland China following Beijing’s crackdown.