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China’s bans have created difficulties for the crypto business

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China’s bans have created difficulties for the crypto business

Following China’s announcement of further suppression of the crypto industry, the cryptocurrency market went downhill, and the price of the largest cryptocurrency plummeted. In addition, a considerable number of projects have curtailed their activities.

According to the Chinese journalist Colin Wu, due to the changes introduced, the Ethereum Xinghuo Pool was the first to announce the termination of the provision of mining pool services to users in mainland China. NBMINER also suspended service to users in the country, disabling software for managing mining machines.

Users were even more shocked when one of the largest cryptocurrency exchanges in the country, Huobi, announced that it would no longer register new customers from the country.

“The selection of country / region for registration in the Huobi app has been removed for mainland China, Taiwan and Hong Kong are not affected by the restrictions, ” Wu said.

This is not the first time that an exchange has been forced to comply with regulatory changes. In fact, in 2017, local exchanges were forced to stop transactions with fiat money and cryptocurrency tokens. As a result, Huobi and Binance left the country and settled in Singapore and Malta, which allowed them to continue working.

Despite the fact that China controls the Internet in the country, it will be difficult to ban cryptocurrency transactions. Users will find another way to invest and stay part of the crypto economy.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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