Cryptocurrency companies - including crypto exchanges and those that provide different crypto services - are now scrambling to sever their ties with customers in China. The move comes as Chinese regulators had implemented a blanket ban on all cryptocurrency activities in the country.

The latest measures, which are the culmination of years of regulatory action to curb crypto trading and mining, have barred overseas companies from providing crypto services to mainland users. Chinese regulators, including the country's central bank, have vowed to put a stop to all "illegal" crypto activities.

On Monday, Huobi Global and Binance halted new user registrations in China. the companies, two of the world's largest exchanges, are particularly popular with Chinese users who still had access to their services through the creation of online accounts.

Huobi said it will comply with Chinese laws and it plans to purge its platform of Chinese-owned accounts by the end of the year. Huobi Group co-founder, Du Jun, said they are already taking corrective measures in accordance with the new regulation.

The company did not say how many of its platform's accounts were created by mainland Chinese users. Du said they had expanded greatly over many years and had a steady growth in China.

Crypto wallet provider, TokenPocket, said it will also be immediately terminating services to mainland Chinese customers. The company said it actively embraces the new rules and it is still open to working with the Chinese government to develop blockchain technologies.

Since China began cracking down on cryptocurrency-related activities, major crypto exchanges have either shut down or moved abroad. The crackdown also resulted in an exodus of major crypto mining operators out of the country. Before the crackdown, China was the world's largest crypto trading and mining center. However, the government had chosen to curb these types of activities as they do promote speculative trading and they can also be used for illicit purposes such as money laundering.

Following the announcement of the blanket ban, major crypto-related stocks tumbled during Monday's trading. Huobi Tech dropped by more than 23%, while OKG Technology Holdings - the company behind OKcoin, plunged by more than 12%.