Huobi Limits Services in China
Main page News, China, Cryptocurrency Exchanges, Regulations

Cryptocurrency exchange Huobi is reportedly scaling back its services in China due to the country's recent crackdown on the cryptocurrency mining market, according to a local news media ChainNews.

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The exchange suspends its mining business and several cryptocurrency trading services to Chinese clients. A Huobi spokesperson said that the exchange has decided to suspend the provision of services to focus "on expanding overseas business."

China Bans Banking Sector from Cryptocurrency Business

Meanwhile, Decrypt has learned that OKEx, another cryptocurrency exchange, also decided to limit its services in China by temporarily halting trading for its native token — OKB — on its peer-to-peer platform. As of press time, Huobi's token HT is down by over 20% and is trading at the $11.64. OKB has slipped by 17.6% to $11.06.

The whole cryptocurrency market's capitalization is down by 15.54% to $1.39 trillion over the last 24 hours. iHodl earlier reported that China signaled another tightening of cryptocurrency mining. According to a statement from Chinese Vice Premier, Liu He, authorities should impose more regulation on the mining market in order to protect the financial system.

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