mining pool will not work with Chinese users

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Quoted on NYSE mining company BIT Mining Limited announced that the pool under its control will leave China and stop serving local customers.

In early 2021, BIT Mining Limited, which was previously called, bought the mining pool, which was transferred to Bitmain co-founder Jihan Wu as compensation.

According to the press release, in accordance with regulatory requirements, the structure will stop registering new users from mainland China and will begin deleting existing accounts from October 15, 2021.

“Going forward, the company plans to intensify its efforts to expand its business and accelerate global development,” the statement said.

On September 24, it became known about the next repressions of China against the cryptocurrency industry. The State Committee for Development and Reforms of the PRC pointed to the negative impact of mining on the environment and its “insignificant” contribution to the country’s economy.

The People’s Bank of China (PBOC) described the illegal activities of platforms that exchange digital assets between themselves or for fiat. Prior to that, Wen Xinxiang, director of the NBK’s payments and settlements department, called cryptocurrencies and stablecoins a threat to the traditional financial system.

Against this backdrop, journalist Colin Wu said that the F2Pool mining pool “will not provide services to China” and may close or block accounts. On October 15, he clarified that this will happen before December 31.

Wu also posted a screenshot of the message from internet giant Tencent. In accordance with the requirements of the authorities, the company has blocked accounts that “send information about cryptocurrencies and promote mining.”

At the end of September, the largest Ethereum mining pool, SparkPool, announced it was shutting down, KuCoin and exchanges blocked the registration of customers from China, and Binance warned about the closure of access to OTC-trade and stopped the registration of new users from the PRC.

According to media reports, more than two dozen crypto companies have announced their withdrawal from the Chinese market due to a new wave of repression against the industry.

Dovi Wan, Managing Partner at Primitive Ventures, pointed to the growing popularity of P2P exchanges in China amid tightening regulations.

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