Crypto Miner Huobi Stops China Business after Beijing’s Crackdown

Fazzaco learned that crypto exchange Huobi said that it has suspended its miner hosting services on mainland China and was scaling back services and products in some markets after Beijing stepped up its efforts to crack down on Bitcoin mining and trading to fend off financial risks.

According to Huobi’s statement, a portion of services such as futures contracts, ETP, or other leveraged investment products are temporarily not available to new users from a few specified countries and regions due to recent dynamic changes in the market, in order to protect the interests of investors. But Huobi didn’t say which countries or regions would be affected.

A crypto mining pool BTC.TOP also announced the suspension of its China business citing regulatory risks, while while crypto miner HashCow said it would halt buying new bitcoin rigs.

Bitcoin took a beating after the latest Chinese move, and is now down nearly 50% from it’s all-time high.

Fazzaco earlier reported the price of Bitcoin fell below $34,000 and other crytocurrencies including Ethereum, Dogecoin, SHIB, etc showed the same trend after the People’s Bank of China cracked down​ on cryptocurrencies with issuing warnings against using digital coins as payment.