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The trading platforms "Huobi" and "OKEx" start blocking Chinese clients from accessing their services

 

Just days after the Chinese government pledged to crack down on bitcoin mining and trading, cryptocurrency trading platforms Huobi and OKEx began blocking Chinese clients from accessing some of the services provided by these platforms.


Huobi told that it has temporarily halted trading of cryptocurrency derivatives for its clients in certain markets in order to protect the interests of investors, citing recent dynamic changes in the market.


While a Huobi spokesman did not mention that Huobi had stopped trading derivatives in China specifically, but in the recent variables it appears that China is the only country that has recently moved against the trading of digital currencies.


The same spokesperson added that Huobi Pool, which provides the company's mining pool service, has prevented Chinese customers from purchasing mining computing power.


He said the restrictions imposed on the company to focus on expanding its presence abroad.


Chinese journalist Colin Wu stated that the miners will gradually begin removing bitcoin mining equipment from the shelves, but Huobi mining pool service itself has not been affected.

 While an OKEx spokesperson told the same aforementioned source that he will temporarily delete the OKB digital currency for Chinese users on its peer-to-peer platform, starting at 2 pm UTC.


The spokesperson did not provide a specific reason but reminded OKEx's commitment to regulatory compliance.


OKB digital currency fell 67% last week, to $ 10.86.


Huobi Token also fell 63% last week, to $ 11.5.


Both platforms left China after the government banned cryptocurrency trading in 2017.


However, they maintain a large number of Chinese clients and the parent companies are still operating outside of China.


China's woes towards the crypto market:

The restrictions come on the heels of two major developments from China this week, both of which plunged the cryptocurrency market into free fall.


On May 17th, it brought back three major bodies in China, which are:


The National Internet Finance Association of China, the China Banking Association, and the China Payment and Clearing Association affirm their commitment to regulation as of 2017, which bans financial institutions that deal with cryptocurrencies.


Associations have also issued warnings against speculating in cryptocurrencies.


The damage was exacerbated when the Chinese government said on May 21 that it needed to crack down on Bitcoin mining and trading to prevent and control financial risks.


This announcement led to the collapse of Bitcoin, which has since recovered to around $ 40,000, by another 12% and subsequently plummeted below it to $ 37,000 at the time this article was published.

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