China ban drives users to withdraw Bitcoin from Huobi exchange

Nearly 14,000 Bitcoin (BTC) have flowed out of Huobi and two other smaller crypto exchanges. Meanwhile, major digital exchanges Binance, Coinbase, and Bitfinex are seeing massive inflows of Bitcoin. The reason could be due to China’s ban causing users to withdraw BTC from Huobi.

Huobi sees 13,900 Bitcoin outflow

It seems that under the pressure of China’s recent crypto ban, users have started withdrawing their Bitcoins from Huobi after the platform announced that it would be removing all of its existing customers from Huobi. Chinese mainland.

According to data from ViewBase, Huobi has withdrawn a total of 13,903 BTC. In addition to Huobi, crypto exchanges like Okex and Gate.io also see BTC outflows, albeit smaller exchanges; users withdrew 5,872 from Okex and 95 BTC from Gate.io.

China ban drives users to withdraw Bitcoin from Huobi exchange

Source: Wu Blockchain/Twitter

Among them, other significant exchanges – namely Binance, Bitfinex, and Coinbase – are seeing massive inflows of BTC. Over 7,000 BTC was deposited into Binance, nearly 5,000 BTC went to Bitfinex, and 122 BTC went to the largest U.S.-based crypto platform, Coinbase.

In the comment thread under the post, a Twitter user suggested that Bitcoin has been withdrawn from Huobi and that two other exchanges are being moved to Binance.

As AZCoin News reported, Huobi has announced that it will no longer provide its services to crypto investors and traders in Mainland China after it halted the creation of new accounts in the region. Binance has also stopped admitting new users from that region. However, many local exchanges have been forced to stop doing business or move to other jurisdictions due to the recent ban by the Chinese government. The ban covers both crypto trading and crypto mining again.

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