Uber Technologies Inc said on Thursday that it will suspend its ride-hailing services in Taiwan starting on February 10 as it faces mounting fines and regulatory pressure on the island, the Xinhua News Agency reported.
The U.S.-based company was fined $7.4 million for what local officials and the taxi industry consider to be illegal operations, according to Xinhua.
Uber also said Taiwan has "moved further and further away from embracing innovation" by implementing a new regulation that increases fines for illegal passenger services.
