Benzinga | Oct 15, 2021 04:32AM EDT

BIT Mining Falls Prey To Chinese Regulatory Crackdown

* Cryptocurrency mining company BIT Mining Ltd (NYSE:BTCM) subsidiary BTC.com will cease registering new users from mainland China and expects to start retiring the accounts of existing users in mainland China to comply with local regulations beginning on October 15.

* The discontinuation of service may adversely affect the consolidated financial statements of the company.

* However, its growth in global markets will likely help offset the loss of business in mainland China.

* From now on, BIT Mining aims to intensify its business expansion efforts and accelerate its global development.

* Price Action: BTCM shares traded higher by 2.15% at $9.50 in the premarket session on the last check Friday.