RRMine Global, the largest Chinese provider of Filecoin services, announced it would relocate its business to Singapore.
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World’s Leading Filecoin Service Provider, RR Mine, Relocates to Singapore by RRMine Global
Please see the media release.#IPFS #Filecoin #cryptocurrency #CryptoNews https://t.co/gqkUoavaHx— RRMine (@Mine2Rr) September 13, 2022
“The decision to fully exit mainland China was made in light of tightening restrictions on cryptocurrency use, and is justified by the fact that China’s Web3 strategy is moving in a different direction,” the company said.
Chief executive Steve Zou noted that the decision followed extensive discussions and “was not easy”.
According to journalist Colin Wu, the founder of the company and several employees were previously under investigation.
RRMine, China’s largest Filecoin and mining cloud computing power company, announced that it will withdraw from China and set up its headquarters in Singapore. Previously, its founder and several employees were investigated by the Chinese police. https://t.co/N5EUTSczjS
— Wu Blockchain (@WuBlockchain) September 13, 2022
As its start in the new jurisdiction, RRMine will offer the R-Datacap Storage service. According to the statement, the service is designed to “significantly reduce operating costs for users, increase profitability and stimulate the Filecoin rewards program.”
In November 2021, the Chinese police arrested 31 employees of the Filecoin mining company IPFS Union. The firm confiscated crypto assets worth about $62.5 million.
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