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China Crypto Ban Makes Huobi Stop Accepting New Users From The Country

Huobi in new announcement says it will stop accepting new china users on its platform. This is in direct response to the attacks from the Republic of China to the crypto market.

So, the country continues showing strict measures to shut down every crypto activity in the country.

Huobi Moves Towards China Via Recent Attacks

One of the major exchanges in the country, Huobi moves to pause all new user acceptance from China on its platform.
More crackdowns keeping piling up as see in recent nation’s central bank strict ban of digital assets and exchange operations in the country.

However, this is not the first this kind of ban is coming from the country. There has been over 10 occurrences more so. However, each time has an impact on the crypto market as bitcoin loses few thousand dollars in just an hour.

Ban Compromise

Huobi makes this move to comply with China’s latest regulatory measures against crypto activities. Also, there are plans to stop existing users from accessing the platform by year-end.

“To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China. 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,” Huobi says in an official announcement.

The exchange also notes it banned its Chinese users from trading back in June when the country initiated another ban.

Binance And China

Additionally, there’s not clear indications as to id binance bans sign ups from China. This is because the exchange doesn’t require location during registration. However, according Bloomberg, the exchange says it doesn’t operate in China and also blocks Chinese IPs trying to access its platform.

“Binance takes its compliance obligations very seriously and is committed to following local regulatory requirements wherever we operate,” the exchange reveals in an email.

More so, Huobi and Binance still accepts new registrations from Hong Kong users.

However, Okex, a major crypto exchange in the country, is still accepting new registrations from China and Hong Kong. Also, this could be due to it does not require country sign up.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.