RRMine Global, the largest Chinese service provider in the Filecoin network, announced that it is relocating its business to Singapore.

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RR Mine, World’s Leading Filecoin Service Provider, Moves to Singapore by RRMine Global
Please see the media description.#IPFS #Filecoin #cryptocurrency #CryptoNews https://t.co/gqkUoavaHx

— RRMine (@Mine2Rr) September 13, 2022

“The decision to withdraw completely from mainland China was made in light of the tightening restrictions on the use of cryptocurrencies and was justified by the fact that the Chinese Web3 strategy was moving in a different direction,” the company said.

The firm’s president, Steve Tsou, said the decision was the result of a lot of discussion and “not easy”.

According to journalist Colin Wu, the company’s founder and several employees were previously under investigation by Chinese law enforcement.

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. Earlier, its founder and several of his employees were investigated by the Chinese police. https://t.co/N5EUTSczjS

— Wu Blockchain (@WuBlockchain) September 13, 2022

To start working in the new jurisdiction, RRMine will introduce the R-Datacap Storage service. According to the statement, the service is designed to “significantly reduce user operating costs, increase profitability and promote the Filecoin reward scheme.”

Recall that the Chinese police arrested 31 employees of the Filecoin mining company IPFS Union in November 2021. Approximately $62.5 million worth of crypto assets were confiscated from the firm.

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