Technology company Yahoo has said it will withdraw from China, saying the country’s business environment and laws are increasingly becoming more challenging so it cannot continue to operate in the country.
Yahoo is the latest foreign company to restrict China’s strict trade rules.
Yahoo suspended its operations in China on Tuesday, and as soon as you log in to a site, you will receive a message saying that access is down.
However, in a statement, it said its business in other parts of the world was running smoothly.
The Company will continue to uphold and respect the rights of users of the site and other services, in a free and unrestricted manner.
The company is one of the world’s leading foreign technology companies that have neglected to operate in China, citing the harsh environment and strict regulations imposed by the Chinese authorities.
A new law that goes into effect this week, which deals with data collection and storage, is one of the problems that Yahoo says has forced it to leave China.
Although the laws do not necessarily differ from European privacy laws, China’s political climate is very different, with authorities enforcing strict restrictions.
Some Western companies are accused of having ties to China or storing data there.
Some Chinese companies are also suffering from regulatory oversight under a five-year economic protection plan.
China’s ban on cryptocurrencies has had a devastating effect on Bitcoin transactions, while the country’s largest online retailer, Alibaba, has been fined $ 2.8 billion by the government. this year.
Last month, Microsoft announced the closure of its workplace, Linkedin, and said it would suspend operations in China later this year.
Other social networking sites and forums such as Twitter and Facebook have been blocked by Chinese authorities for years.
Google’s search engine has been operating in China for more than a decade.
This article was originally published on Naija News