Huobi suspends crypto miner hosting in China, halts services in few regions

Huobi suspends crypto miner hosting in China, halts services in few regions

Huobi- a Seychelles-based cryptocurrency exchange platform has announced the suspension of some of its products and services in certain nations and has also halted its miner hosting services in China owing to the recent crackdown on cryptocurrency in the nation.

Reportedly, news of the exchange’s pullback which comprises of the suspension of certain future contract trading, exchange-traded products, leveraged investment products, and miner hosting services across China, is one of the primary factors behind the recent fall in the crypto market.

Citing sources, the value of bitcoin fell to as low as USD 32,727.31 while Ether was down to USD 1,949.44 after being above USD 4,300 a few weeks ago. Most of the leading cryptocurrencies have fallen in value by 15% to 30% and more.  

As per a statement by the company, owing to the dynamic changes in crypto market, in order to secure the interest of investors, a part of services like ETP, futures contracts, and other leveraged investment products are presently not being made available to new users from specific countries and regions.

Notably, Huobi did not disclose the specific nations and regions where the trading services and the availability of investment products will be halted.

In line with the above, the company is also set to suspend the sale of crypto mining machines and mining hosting services across China. Huobi mentioned that it will provide its existing clients more information regarding what they can do with their mining machines.

All in all, the crypto exchange has not stopped the operation of its mining pools but the co-location hosting services offered by it to anyone who wishes to invest in crypto mining have been halted. The hosting sites operate its customer’s mining machines along with extending maintenance services in their mining units and do not own any of the mining machines.

Source Credit: https://www.coindesk.com/huobi-scales-back-offerings-in-places-due-to-china-crackdown-market-falls