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Huobi crypto exchange stopped accepting users registering with Chinese mainland numbers

According to Wu Blockchain, China’s largest exchange Huobi has taken a measure to prevent mainland Chinese residents from registering on its platform by preventing the addition of accounts with Chinese mainland phone numbers to comply with China’s recent crackdown on cryptocurrencies. It seems to be due to a new increase in domestic regulatory pressure.

Huobi suspends the registration of new users with Mainland China citizenship

Huobi Global is considered one of the big three in the global crypto exchange space, Binance, and OKE. It has now sought to comply with new regulations that came into force recently in China.

The company, founded in 2013 by Leon Li in Beijing, is currently preventing new accounts on the exchange using mainland Chinese phone numbers. However, the introduction of new users has not been stopped in Hong Kong.

Mainland China has been removed from the country/region selection list for Huobi APP registration. Taiwan and Hong Kong remain, though.

huobi-crypto-exchange-stopped-accepting-users-registering-with-chinese-mainland-numbers1

Source: 8BTC news agency

There is no indication that Chinese users are entirely banned from Huobi. This is not Huobi’s first clash with Chinese authorities; it happened after the Chinese government in 2017 prohibited the storage of transactions between cryptocurrencies and fiat. Huobi responded by not allowing withdrawals from its exchange.

In June 2021, Huobi banned Chinese users from trading riskier derivatives in response to a crackdown by the Chinese cabinet. In July 2021, Huobi dissolved its Beijing organization.

In addition, the new strict regulatory policy for cryptocurrencies in the country is likely to force crypto exchanges and other crypto-related businesses to move to Singapore and mining companies. Bitcoin also had to leave the country. The United States (US) is one of the target locations where cryptocurrency miners are likely to move from China. The US has plenty of capital and electricity for miners. As for Singapore, their authorities are very crypto-friendly, and the country has a similar culture to China.

At present, Huobi Global has expanded into public chains, digital asset trading and wallets, derivatives, mining pools, and digital asset research. Hubi recently launched the Global DeFi Alliance to establish and promote industry best practices, advance DeFi research, and foster East-West DeFi collaboration.

Huobi’s headquarters is based in Seychelles but has jurisdictions such as Singapore, Malta, Hong Kong, South Korea, Japan, Malaysia, and the United States. Huobi is publicly listed on the Hong Kong stock exchange.

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