Benzinga | May 28, 2021 08:02AM EDT

Ebang Issues Statement On Changes In Regulatory Landscape In China, Impact On Co.

Ebang International Holdings Inc. (NASDAQ:EBON, the &ldquo, Company&rdquo, ))), a blockchain technology company, today issued a statement on the changes in regulatory landscape in China and their impact on the Company. As China's central government recently intensified a crackdown on bitcoin mining and trading, Ebang International Holdings, Inc. stressed in a latest statement that the crackdown has no direct or immediate impact on the company by highlighting for its shareholders the distinctions between its business and the impact of the China government's policy.

The complete statement is as follows:

2 Mining business: When we first announced our mining business, we only considered overseas mining farms, therefore the recent crackdown on bitcoin mining within China has no direct or immediate impact on the company.

4 Sales business: Given the shortage of chip production capacity, meanwhile, after a brief adjustment period, customers will go overseas to mine, so we believe that the company's long-term business, and even its more near term prospects, will not be affected.

6 Mining machine custody business: We have already halted China's domestic mining machine custody business, while our current focus is accelerating the construction of compliant mining farms in North America and Europe, etc., and try our best to use renewable energy to generate electricity. We will activate our mining machine custody business as soon as our overseas mining farms finish construction.

8 Cryptocurrency exchange platform: The company has banned Chinese citizens from participating in trading and banned users or potential users from Chinese IP addresses from accessing our exchange platform since we positioned our cryptocurrency trading mechanism. Accordingly, the Chinese government's crackdown on trading has no impact on the company and its prospects.