Huobi Suspends Miner Services In China Due To New Regulatory Policy
Cryptocurrency exchange Huobi has suspended some services and products in several countries and miner hosting services in China in response to a new policy of regulators in the country.
At the end of last week, a meeting of the Committee for Financial Stability and Development of China took place, during which it became known that the Chinese authorities could ban mining and trading in bitcoin. After that, the prices of the main cryptocurrencies declined, and the Huobi exchange suspended some services for trading futures contracts, leveraged investment products, ETP, as well as hosting services for miners in China.
“Due to the recent dynamic changes in the market, in order to protect the interests of investors, some services, such as futures contracts, ETP or other investment products using leveraged funds, are temporarily unavailable for new users from several countries and regions. Huobi always strives to comply with the rules of each jurisdiction to avoid risk and preserve the well-being of our users and their assets, ”the statement said.
The company does not disclose specific countries and regions in which the provision of services will be suspended. Huobi also intends to suspend hosting services for miners in mainland China. The exchange said it will provide customers with more details shortly.
Huobi did not stop the operation of its mining pools, but temporarily stopped providing ASIC co-placement services. As part of the service, the company manages the ASIC miners of its customers, providing services for the maintenance of devices at its facilities. Huobi is a major provider of cryptocurrency services for Chinese users. According to BTC.com, Huobi operates the eighth largest mining pool, controlling 4% of Bitcoin’s hashrate.
Recall that last week, three Chinese financial self-regulatory organizations under the supervision of the People’s Bank of China (PBOC) issued a statement reminding their members of the ban on working with cryptocurrencies.
