Huobi-incubated Chinese NFT platform halts international operations
Chinese NFT marketplace iBox is shutting down its operations outside the country. The company, which has been selling NFTs in USDT, did not give any reason for the suspension of its foreign operations. However, plans are on the way to refund users beginning in September. All forms of cryptocurrency trading have been banned in China since September 2021.
iBox has enjoyed enormous support from an incubator program launched under the global crypto exchange Huobi. However, Huobi distanced itself from iBox in a statement on Thursday, stating that it relocated from mainland China in May 2021 ending its affiliation with the platform in January 2022. For the time being, NFTs are still allowed in China unlike digital currencies but they are referred to as “digital collectibles,” and the state media has urged the public to refrain from trading them for a quick profit.
Source
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