ETHNEWS

China Crypto Ban: largest Ethereum (ETH) Mining Pool to Shut Down

The recent ban on Chinese crypto has already led to several foreign crypto exchanges containing Huobi and Binance in order to put an end on their services for mainland customers of China and now it seems that the next in lane are mining pools. The world’s largest Ethereum (ETH) mining pool is called SparkPool and it announced the suspension of services yesterday.

It was claimed by the mining pool that its decision was built on regulatory requirements in China and any new users won’t be accepted from September 24 from China.

The mining pool said, “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. “

Apart from the biggest Ethereum pool, another popular crypto mining pool, F2Pool, show the following statement to their users 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.”

All crypto transactions jas been declared illegal by China and it has been instructed that the key institutions can crack down on existing crypto mining activities. This is the second largest crypto crackdown in China this year alone, the first crypto crackdown came in April-May. However, with each passing ban from China, the impact of China’s position on crypto has a weaker impact on the market.

The Defi market has in fact gained profit from the crackdown as major traders of China ruse to Defi market in absence of centralized exchanges. As a result, major DEX protocols made double-digit gains yesterday.

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