Ripple continues sending XRP to Huobi on a regular basis every week, has been since last year

According to Whale Alert, in the past 10 hours, major crypto exchange platforms have transferred around 150 million XRP. Meanwhile, Ripple has been regularly sending crypto to Chinese exchange Huobi. The crypto giant started these daily transfers last year and continues them now.

224.3 million XRP wired, 1/3 of that moved by Ripple to Huobi

Whale Alert tweeted that two large XRP transactions conducted by crypto addresses tagged as “unknown” carried 70,001,270 XRP and 79,299,700 XRP — 149,300,970 XRP in total. That makes up $113,639,826 in fiat.

However, data from the analytics platform Bitthump XRP shows that these “unknown” wallets are addresses belonging to the Bybit and Binance exchanges. Bybit transferred 70,001,270 XRP to the Binance wallet, and then Binance transferred 79,299,700 XRP internally.


Source: Whale Alert

According to Bithomp, Ripple continues to send regular weekly and daily amounts of XRP to the largest exchange in China, Huobi Global. So far, in December and January, the blockchain giant has moved a total of 74.3 million XRP onto the exchange.

Every week, a different amount of XRP is sent to Huobi daily. In December, these weekly transfers ranged from 2.2 million to 1.6 million XRP. In January, the weekly amount of XRP sent to Huobi has changed from 1.8 million to 673,000 XRP.


Source: Bithomp

In September 2021, the top management of Huobi decided to cease operations in the Chinese market. It comes just days before local governments and central banks published a document declaring all activities with cryptocurrencies illegal in the country.

By December 31, Huobi closed all trading activities with crypto assets and Chinese yuan. Following the company’s example, many other smaller crypto exchanges have either started to withdraw from the crypto-unfriendly environment that has been established in China or have begun moving to other jurisdictions.

In September, Binance closed registration for new Chinese users, as did CoinEx. Renrenbit was forced to shut down its business completely.

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