Huobi Global cryptocurrency exchange to leave China this month – bitcoin news
The Huobi Global digital asset exchange has revealed its intention to exit the Chinese market. The Chinese-rooted crypto trading platform has said it will stop processing transactions for existing users on the mainland by the end of the year.
Huobi Global discontinues services in the People’s Republic
The Huobi Global crypto exchange will halt services for users based in mainland China this month. In a statement cited by the English-language Chinese television station CGTN, the company said on Sunday that starting at 11:00 a.m. Beijing time on December 14, users in the People’s Republic will not be allowed to purchase crypto-coins. currencies.
Huobi Global has clarified that it will cease crypto exchange operations the following day, December 15, and end all crypto asset transactions by 12:00 p.m. on December 31. However, traders will still be able to log into their accounts and request the withdrawal of remaining assets within one to two years, said the platform, which has not accepted new Chinese customers since September.
The report notes that several cryptocurrency exchanges are preparing to pull out of the Chinese market by the end of 2021. Their decisions come after Beijing’s decision this year to reiterate restrictions on cryptocurrency transactions, which has was followed by a crackdown on trade and mining. Besides Huobi Global, the list includes other major platforms such as Binance and Kucoin.
The state-run CGTN notes that China has stepped up efforts to limit the crypto market in what it calls a global cryptocurrency crackdown. “Concerns are growing that highly volatile digital currencies could undermine the stability of financial and monetary systems, increase systemic risk, promote financial crime and harm investors,” added the press service.
The People’s Republic banned crypto-related activities in 2017, and as the government lashed out at coin trading and token sales, authorities only interfered with mining this spring. In May, the State Council, Beijing’s cabinet of ministers, decided to crack down on the crypto industry following President Xi Jinping’s pledge that the country will achieve carbon neutrality in the four next decades.
Leading mining hardware producer Bitmain provided another example of a large crypto firm exiting the Chinese market. In October, the Beijing-based manufacturer announced it would no longer ship its products to the mainland, explaining that the move met local regulations. As is the case with other companies, Bitmain stressed that the ruling did not affect its operations in the Special Administrative Region of Hong Kong and neighboring Taiwan.
Do you expect more crypto companies to pull out of the mainland China market? Tell us in the comments section below.
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