Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling.
Huobi Mall, part of cryptocurrency exchange Huobi, said in a statement late on Sunday that all of its custody businesses have been suspended. "In the long term, nearly all of Chinese crypto mining rigs will be sold overseas, as Chinese regulators crack down on mining at home," he wrote.
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