Huobi stops Chinese from accessing derivatives trading and mining services
China is reportedly planning to ban cryptocurrency mining activities in the country. It also wants to make it tough for its citizens to trade cryptocurrencies in a bid to protect the country’s financial system.The expected ban has already seen some crypto exchanges take action to limit the services available to Chinese traders. Cryptocurrency exchange Huobi revealed that it has temporarily ceased crypto derivatives trading for customers in some markets. According to Huobi, the move is to protect the interest of investors following recent changes in the market dynamics.
While Huobi didn’t specifically mention China, the Asian country is one of the biggest crypto markets to recently make regulatory changes regarding cryptocurrencies. According to a Huobi spokesperson, Huobi Pool, the company’s mining pool service, no longer accepts Chinese customers. Hence, they are not allowed to buy and store miners. The exchange said the move is to allow it to expand its cryptocurrency mining services overseas.
Huobi is one of the leading crypto-mining service providers in China. However, recent regulatory challenges could force it to move some of its operations abroad. Chinese blockchain journalist Colin Wu revealed that while Bitcoin miners are no longer available on Huobi, the Huobi mining pool remains unaffected.
OKEx delists OKB token for Chinese users
Crypto exchange OKEx is also making moves to limit its services to Chinese users. According to the exchange’s spokesperson, OKEx will delist its token, OKB, for Chinese users on its peer-to-peer platform. It will delist the coin today but didn’t provide a specific reason for doing so.The moves by Huobi and OKEx come after a week of negative cryptocurrency news from China. Last week, three Chinese banking associations banned financial institutions and payment companies from offering services to crypto-related companies and individuals. This was followed by the government revealing its plans to crack down on cryptocurrency mining and trading activities in the country.
The cryptocurrency market has been in a bearish trend in recent weeks, with Bitcoin dropping to the $30,000 region last week. The market is still down, with the total market cap now standing at $1.5 trillion.
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