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Huobi, China’s largest exchange has put forward stricter measures for fiat currency transactions

The new announcement from China’s largest exchange Huobi continues to make it difficult for users to trade fiat. All users can withdraw crypto only 24 hours after buying, and some users need 36 hours.

huobi-chinas-largest-exchange-has-put-forward-stricter-measures-for-fiat-currency-transactionsSource: Huobi

Huobi only applied after using fiat currency to purchase cryptocurrency

Since August 2020, Huobi OTC has launched the “Limited Time Limit Withdrawal”, and continues to iterate, adding a number of related risk control strategies one after another, and the coverage of users continues to expand. Withdrawal restrictions include fast withdrawals within the site and withdrawals outside the site. During this period, users’ intra-site transfers, deposit and withdrawal transactions, etc. will not be affected. This upgrade has completed full user coverage.

The notice stated:

  1. All users (including advertisers) implement the “T+1” policy, that is, the assets after OTC purchase can only be withdrawn after 24 hours.
  2. It takes 36 hours for some users to withdraw their assets after OTC purchase.

This is only applied after using fiat currency to purchase cryptocurrency. The message does not refer to the withdrawal of ordinary cryptocurrencies. So, it does not delay crypto to fiat, only applies for fiat to crypto.

Some people in China use cryptocurrency to launder money. This move by Huobi can make it more difficult for people who use black money to buy crypto to transfer away.

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