Cryptocurrency Exchange Huobi disclosed Monday that it has decided to halt services in Mainland China. The platform has disclosed that it has decided to focus more on growing overseas business. Huobi has gained recognition as the Seychelles-based cryptocurrency exchange.
Since its inception in China, the firm now has opened offices in Hong Kong, South Korea, Japan, and the US. In August 2018 it became a widely listed Hong Kong firm. The firm has decided to stop services after the major crackdown of Beijing in the past few days.
The cryptocurrency exchange disclosed that it has terminated some of its services and products in certain states and has halted its miner hosting services in mainland China in reply to the recent crackdown on crypto in that country.
The exchange has halted contract trading services, utilized investment products, exchange-traded products (ETP) as well as miner hosting services in China. This is one of the main reasons which cause the decline in the crypto market.
Furthermore, Huobi always endeavors to follow the changing policies and regulations of each authority to comply with the risk and protect the well-being of its users and their assets. The cryptocurrency exchange didn’t reveal the specific states where it has halted the services.