China-based Ethereum mining pool SparkPool has become the latest crypto firm to close shop in China amidst China’s intensified crackdown over crypto mining and trading activities.
The firm stated “maximum compliant with regulatory requirements” as a reason for halting its services in China.
Sparkpool announced on Twitter that it is discontinuing providing its services to new customers in mainland China and international users.
While new China users will not be able to use Sparkpool’s services starting from September 24, 2021, a global shutdown will commence from September 30, 2021.
“A complete shutdown for all SparkPool services and operations for the existing users, at home and abroad, has been planned for September 30, 201 (UTC+8) at 2:00 under the premise of ensuring the safety of our user’s assets,” said the statement.
In the last 24 hours, bitcoin is up by 0.63%, with a current price of $43,459.80 as at the time of writing this. Within 24 hours, bitcoin dropped to $42,723.80 low and $44,333 high. The trading volume of bitcoin in the last 24 hours is $667.36M. The current market capitalization of bitcoin is $818.47B. Currently, $18.83M bitcoins is in circulation.
Stats and Image from Coin Desk
The People’s Bank of China and the National Development and Reformation Commission (NDRC) announced stricter measures to keep cracking down on crypto trading a few days ago, which has led to crypto exchange like Huobi to cease account registration for new users in Mainland China, effective September 24, 2021 (UTC+8) in compliance to the new law.
The government body declared crypto trading activities in the country illegal and threatens prosecution against anyone who violates the law.