SNEAK PEEK
- Chinese NFT platform, iBox will cease its international operations.
- The platform will remain functional in China as usual.
- iBox will start issuing refunds in September.
Huobi-incubated Chinese NFT marketplace will close its international operations. According to the official statement, the NFT platform will start issuing refunds in September.
In the statement, iBox did not give any explanation for the closure of its international services. However, a video circulating online claimed that iBox had been selling NFTs denominated in USDT on its international platform.
In September 2021, China banned all cryptocurrency trading and related activities in the country. Though the reasons are clearly not, this might be the possible explanation for the iBox’s decision.
The Chinese NFT platform will continue its services within China. The platform operates its NFT trading in China with NFTs, which are denominated in fiat currencies and not cryptocurrencies.
iBox was backed by an incubator program started in May 2021 under Huobi, a global crypto exchange. According to the latest statement, Huobi had cut all its ties with iBox since January 2022 and has exited mainland China.
The crypto exchange said,
Huobi Global has already terminated all its operations in Mainland China. We would like to remind our users to abide by local laws and regulations and remain vigilant against fraud,
In China, NFTs are known as digital collectibles. Unlike cryptocurrencies, NFTs are still legal in China.
The government-run media houses continue to warn people against buying and investing in such assets.
