Huobi crypto exchange revealed details of its closure to Chinese users
According to the tweet by Chinese crypto blogger Colin Wu, Huobi exchange has shared some details of its withdrawal from the Chinese market.
Huobi phasing out mainland Chinese users: details
A Chinese journalist and blogger who covers all things cryptocurrency, mining and crypto trading, shared details of Huobi – the largest crypto trader in China – ceasing to provide its services to users in mainland China.
The first thing to be eliminated is deposits. Users will be unable to make them starting December 14. The next step will be trading – it will be banned the next day and trading against the Chinese yuan (CNY) will be halted on December 31.
It will not impact non-Chinese users, Wu emphasizes.
Trade leaves China or closes
As reported by U.Today, the suspension of registration for new users from mainland China was first announced a week ago on September 25. The following day, Huobi stated it would be withdrawing from that region completely, following the new tight crypto regulations imposed recently by the Chinese government.
Several local crypto exchanges are following suit – Binance has temporarily halted opening accounts for newly registered users, CoinEx is doing the same, Renrenbit which is owned by China’s ‘OTC king’ Zhao Dong is shutting down completely.
