China crypto ban started by the People’s Bank of China to crackdown on cryptocurrencies, is continuing at full speed, affecting biggest exchanges such as Huobi and Binance to end their services in mainland China customers, now leaping on to mining pools. SparkPool, the largest Ethereum (ETH) mining pool in the world, announced that they are shutting off their services yesterday.
— SparkPool (@sparkpool_eth) September 27, 2021
The mining pool said that their decision is based on regulatory requirements presented by China. SparkPool will close its doors to new users from China starting from September 24 according to their tweet.
The company’s announcement reads as:
“SparkPool had stopped providing services to new users from mainland China on September 24, 2021 (UTC+8). A complete shutdown for all SparkPool services and operations for the existing users, at home or abroad, has been planned for September 30, 2021 (UTC+8) at 20:00 under the premise of ensuring the safety of our users’ assets.“
Another Ethereum mining pool called F2Pool also provided the following statement on login:
“F2Pool will not provide services to China. F2Pool unilaterally reserves the right to restrict or cancel services in specific areas. F2Pool may freeze or terminate these accounts.”
What is China crypto ban? How did it start?
China has forbid all cryptocurrency transactions after deeming them illegal. This is not a new thing for China. The country has been rumored to ban cryptocurrencies in the past for a few times. This is the second time they are doing it this year. But the impact has not been strong. Many crypto assets including BTC (Bitcoin) and Ethereum has fallen between 3 to 5 percent after initial decision has been announced, but almost all of them recovered quickly.