Huobi will gradually retire all of existing Chinese users by the end of year, tokens are being moved from exchanges
Huobi has just announced that it will gradually retire all of its existing Chinese users by year-end.
Source: Huobi Global Announcements
Huobi to ban all Chinese users
“Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users’ assets. We will inform users of the specific arrangements and details through official announcements, e-mails, text messages, etc” the exchange announced.
On September 25, Huobi also scrambled to prevent Chinese people from creating new accounts on its platform. Meanwhile, as AZCoin News reported, Binance no longer allows new users from mainland China to register on the exchange. Binance responded to the Chinese media, “We have not allowed Chinese people to use it since 2017, and we have no exchange business in China.”
Exchanges are currently facing greater pressure due to the growing crackdown. And now, OKEx has also made the latest move.
Source: Wu Blockchain
Binance, Huobi, and OKEx originated in China. Still, the three crypto giants had to move to other jurisdictions after the government imposed a ban on crypto trading in 2017. Chinese traders will access overseas exchanges with the help of a VPN service.
As AZCoin News reported, the People’s Bank of China recently issued a notice stating that it is illegal for foreign exchanges to provide services to users in mainland China. China’s increased crackdown on the crypto industry has created significant selling pressure on Tether (USDT). On September 25, it began trading at a discount of nearly 10% against the yuan on Huobi’s OTC market.
Source: Whale Alert
Within the past few hours, a large number of tokens have been moved from the Huobi exchange to an unknown wallet. Looks like China FUD is real.
Read more:
- Follow Huobi, Binance Also Suspended Mobile Phone Registration For New Users In Mainland China
- Huobi Crypto Exchange Stopped Accepting Users Registering With Chinese Mainland Numbers