Salem Radio Network News Wednesday, August 4, 2021

Science

Trading platform Futu restricts crypto futures pricing information in mainland China

HONG KONG (Reuters) – Online broker Futu Holdings said on Thursday it has restricted services linked to CME cryptocurrency futures contracts in mainland China due to the regulatory environment, the latest result of an ongoing efforts to crackdown the sector.

China’s State Council, or cabinet, last month vowed to clamp down on bitcoin mining and trading, escalating a campaign against cryptocurrencies days after three industry bodies banned crypto-related financial and payment services.

“Futu decided to restrict services related (to) CME crypto futures contracts in mainland China,” the company said in a statement, adding this was necessary to safeguard investors’ interest based on recent developments in the regulatory environment and public opinion.

Futu provides information about pricing of securities and other tradable assets in mainland China, and online broking in Hong Kong, Singapore and the United States.

In the past month, Chinese authorities have announced the arrest of over 1,100 people suspected of using cryptocurrencies for money laundering, blocked crypto currency related social media accounts, and local governments have issued strict rules for ‘mining’ bitcoin and other cryptocurrencies, forcing miners to look overseas.

(Reporting by Alun John in Hong Kong; editing by Jason Neely)

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