HONG KONG/SINGAPORE—Cryptocurrency-linked stocks dropped in Hong Kong on Monday morning, after Chinese authorities intensified their crackdown on the industry, while major cryptocurrencies steadied. Shares of crypto asset manager and trading firm Huobi Tech, an affiliate of Huobi Global, one of the world’s largest exchanges, fell more than 30 percent after the opening bell. Huobi Global said on Sunday it had stopped taking new mainland customers from Friday and would close accounts belonging to mainland-China based clients by the end of the year to comply with local regulations. China’s regulators intensified a crackdown on Friday, banning cryptocurrency transactions and mining, and saying that overseas exchanges are barred from providing services to mainland investors via the internet and that mainland-China based employees of overseas crypto exchanges would be investigated. OKG Technology Holdings Ltd, a fintech and construction company majority owned by Xu Mingxing the founder of cryptoexchange OK Coin, fell more than …
Crypto-Linked Stocks Plunge in Hong Kong, Bitcoin Steadies
September 27, 2021
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