The recent decision to ban Chinese cryptocurrencies has led to several cryptocurrency exchanges including Huobi and Binance ending their services to China customers, and now it seems that mining pools are next.

SparkPool, the world’s largest Ethereum mining pool, announced the suspension of its services starting yesterday.

He told the mining pool that its decision was based on regulatory requirements in China.

Therefore, it will not accept any new users from China.

SparkPool’s statement read:

SparkPool announces that it will stop providing services to new users from China starting September 24, 2021.

A complete shutdown of all SparkPool services and operations for existing users, at home or abroad, is planned for September 30, 2021 at 20:00 to ensure the safety of our users’ assets.

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Regardless of the largest Ethereum pool, “F2Pool” which is also one of the most popular mining pools displays the following statement to its users when they log in:

F2Pool will not provide its services to China.

F2Pool unilaterally reserves the right to limit or cancel the Services in specified regions.

F2Pool may freeze or terminate these accounts.

China’s Impact on the Cryptocurrency Market:

China has deemed all cryptocurrency transactions illegal and instructed major institutions to crack down on existing cryptocurrency mining activities.

This is China’s second high-profile anti-crypto campaign this year alone.

The first campaign came in April and May.

Many analysts note that China’s influence on the crypto market is less severe than it used to be.

For example, the first cryptocurrency funnels led to a massive sell-off in the market, wiping out nearly $1 trillion from the cryptocurrency market.

While the recent announcement by the People’s Bank of China, did not affect much, the cryptocurrency market witnessed a slight decline.

Most of the big cryptocurrencies fell 3%-5% and recovered soon after.

Read:LedgerX Receives CFTC Approval to Start Trading Bitcoin Futures

In fact, the Defi market has benefited from the Chinese crackdown as major Chinese traders are turning to the decentralized finance market in the absence of centralized trading platforms.

As a result, major decentralized finance protocols have posted double-digit gains in the past few days.

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