(Yicai Global) July 27 -- Huobi Technology Holdings is closing its Beijing office after the cryptocurrency exchange was forced to stop providing Bitcoin mining services to users in China's mainland amid tightening regulation.

The Beijing office is not carrying out any business and therefore there is no need for it to continue, The Paper reported, citing the exchange which has its main office in Hong Kong and is registered in the Seychelles.

Huobi, once one of the country’s top three e-coin exchanges, moved out of China in 2017 when the country outlawed all such trading. It, along with other such exchanges, were able to circumvent these bans by registering overseas. However, they appear to have now run out of rope after the Financial Stability and Development Committee of the State Council called last month for a total crackdown on Bitcoin mining to rein in risks, leading to the nationwide shut down of mining activities.

Another exchange OKCoin has also recently shut its Beijing office.

Editor: Kim Taylor