Huobi is a company which is known as one of the world’s largest cryptocurrency exchanges. They have been in business for a long period of time, and they are known to be very good at their job in the cryptocurrency market.
They have said that the company is aware of the crackdown in China and that it has ceased new account openings for mainland Chinese users. This decision was made, and it came in immediately after Beijing renewed a crackdown on virtual currencies.
The People’s Bank of China made a statement earlier this week that brought down another crackdown on the cryptocurrency market in China. They declared that all of the virtual currency-related activities are now deemed to be illegal. This is also including of trading.
This declaration was made on Friday. It is now a very serious crime in China to deal in cryptocurrency. They are doing anything to shut down the cryptocurrency market in China. We have been seeing this since the beginning of the second quarter of the year.
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Huobi had stopped accepting any new user accounts from the area of China. They will also be terminating any of the existing accounts that had already been created but it will take some time to do so.
They have given the time limit as within 31 December 2021. So by the end of the year, all the Chinese accounts will be removed from the platform.
Binance is also one of the largest cryptocurrency exchanges in the world, and they have also banned all Chinese accounts. This is just the beginning of this.
There are many more cryptocurrency exchanges that are going to follow in the same steps as that of Binance and Huobi.
The stance that China had taken towards cryptocurrency is not something that is good. But it is not something new for them either.
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It had been going on for some years. What will be the ultimate fallout for this measure is yet not known to us. We do not know what will be the extent of the crackdown. But anyway, we will keep you updated.