Just days after the Chinese government vowed to crack down on bitcoin mining and trading, crypto exchanges Huobi and OKEx have started blocking Chinese customers from accessing some of the services they offer.

Huobi told that it has temporarily suspended trading of crypto-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 spokesperson did not mention that Huobi has specifically halted derivatives trading in China, in recent variables it appears that China is the only country that has moved recently against cryptocurrency trading.

. added The same spokesperson said Huobi Pool, which provides the company’s mining pool service, prevented Chinese customers from buying mining computing power.

Read:Top 10 things you should know about Facebook’s digital currency

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

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

Huobi Pool has stated that it will stop providing services to Chinese users. Those who have already purchased Bitcoin miners will be removed from the shelves, and the interesting thing is that Huobi said that FIL miners will not be affected. pic.twitter.com/B62PII7pmB

– Wu Blockchain May 23, 2021

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

The spokesperson did not provide a specific reason but did remind OKEx of OKEx’s commitment to regulatory compliance.

The digital currency OKB fell 67% in the past week, to $10.86.

Huobi Token also fell 63% in the past week, to $11.5.

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

Read:Bitcoin Dominance Reaches 4-Year Low Before Ethereum Consolidation and Cardano Upgrade

However, they maintain a large number of Chinese customers and the parent companies still operate outside of China.

China’s woes towards the crypto market:

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

On May 17, three major bodies in China, namely:

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

Read:West Ham FC partners with Socios to launch a token for team fans

The associations also issued warnings against cryptocurrency speculation.

After the news that was reported in Arab Bitcoin, Bitcoin dropped to its lowest level around $31,600.

The damage worsened 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.

The announcement sent bitcoin, which has since recovered to around $40,000, crash by another 12% and subsequently fell below it to $37,000 at the time of this article’s publication.

Read also:

Bitcoin miners start shutting down in China and planning to move out of it

China’s Commentary on Bitcoin Impacted the USDT Sell-Off against the Yuan…Details Here