Huobi Suspended Some Of Its Services In Certain Countries

The cryptocurrency exchange Huobi has announced that it is reducing or suspending some of its services and products in several countries.

Huobi has suspended some of its services in certain countries. The cryptocurrency exchange announced that it is reducing or suspending some of its services and products in certain countries. However, the stock market decided to stop the mining service in China with the effect of the latest developments in the country. In the statement shared by the exchange on CoinDesk, the following statements were made: "Some of the services such as futures contracts, ETPs or other leveraged investment products are temporarily not offered to new users in certain countries and regions in order to protect the interests of investors due to the changes in the market dynamics recently. Huobi always strives to adapt to changing policies and regulations in each region." The exchange did not provide information about the countries and regions where the said services and products were suspended. It was also learned that Huobi Pool no longer serves Bitcoin miners in China. With the decline in Bitcoin, the leading cryptocurrency, and developments in China, the prices of exchanges' cryptocurrencies have also experienced significant declines. The price of Huobi's cryptocurrency HT is down 67 percent after its peak of $ 35 in recent weeks, pulling to $ 11.5 today. Another exchange, OKEx's cryptocurrency, OKB, also fell sharply. OKB has declined 75 percent since its record high of $ 44 on May 3, 2021.