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Huobi Global, one of the world’s largest cryptocurrency exchanges, is losing money due to the Chinese government’s crackdown on digital assets, which includes a stringent prohibition on cryptocurrencies.

The company has questioned the new ban, which claims it will reduce the exchange’s earnings by a third and make it more difficult for Huobi Global to penetrate new markets. Huobi Global has lost roughly 33% of its income due to China’s ban on cryptocurrency and supplying Chinese consumers.

All Chinese consumers would be barred from using Huobi Global’s cryptocurrency exchange services, according to Du Jun, co-founder of Huobi Global. Until December 31st, the platform will no longer serve Chinese users, resulting in a complete loss of revenue in China.

Jun also stated that 70% of his company’s revenue is not derived from the Chinese market. However, in order to limit losses, the exchange is actively seeking new markets. Huobi is being forced to extend its global operations due to the changing rules of the game. The firm is pursuing cryptocurrency clients in Latin America, Turkey, and Russia, as well as significant investors in the United States and Europe.

A series of new restrictions came into effect in October of this year, culminating in China’s outright prohibition on all digital assets. Remember that until 2018, China was the world leader in mining and cryptocurrency trading. However, the dominance of the digital currency industry was lost as a result of many prohibitions and tight regulatory rules.

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