FX.co ★ Yahoo pulls out of China due to ‘challenging legal environment’

Yahoo has pulled out of the Chinese market, the company said on Tuesday.

The company’s official statement said it stopped providing services for users in mainland China as of November 1 due to the “challenging legal environment”. "Yahoo remains committed to the rights of our users and a free and open internet. We thank our users for their support", the statement noted.

Yahoo’s withdrawal follows Microsoft’s (NASDAQ: MSFT) decision to shut down the Chinese version of LinkedIn in mid-October and replace it with a job board called InJobs.

The Chinese government’s crackdown on the IT sector has been detrimental to the country’s business environment. Many companies have been affected by government pressure.