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BIT Mining’s board reduced to five members as China’s crypto clampdown continues

The company has in recent months been heavily investing in its US operations as Q3 revenues hit US$404.3 million, $40.6 million less than the previous quarter.

By João Marques Lima

Founder and Editor, The Tech Capital

2 Mins

December 02, 2021 | 4:00 AM GMT

Cryptocurrency mining company BIT Mining Limited (NYSE: BTCM) has announced that Shengwu Wu, the chairman of the company’s board of directors, and Yu Wei, independent director and member of the board, have resigned from their positions, effective November 30, 2021.

Their resignations follow the company’s pivot away from mainland China, and focus on global deployment at a time when China’s clampdown on crypto continues to drive away business.

Prior to their resignations, Wu was the chairman of the company’s strategic planning committee and a member of its compensation committee, and Wei was a member of the company’s audit committee and a member of its nominating and corporate governance committee.

As a result of their resignations, the number of directors on the board reduced to five from seven.

The company intends to fill these committee vacancies in due course, BIT Mining said in a statement.

Xianfeng Yang, CEO of BIT Mining, said: “On behalf of the Company, I would like to express our sincerest gratitude to Mr. Shengwu Wu and Mr. Yu Wei, for their outstanding contributions over the past few years. We wish them the best of success in their future endeavours.”

Wu and Wei said in a joint statement: “It has been a great honour and experience working with the company, and we are expecting to continuously support the company going forward.”

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João Marques Lima

Founder and Editor, The Tech Capital

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