The enhancing crypto ban in China forced the Huobi crypto exchange to stop accepting users from mainland China as we are reading more in our latest Huobi news.
The Chinese government is really not holding back on the mission to stop the crypto activity in the country and continued to widen its crackdown against BTC and crypto. The enhancing crypto ban forced Huobi as one of the biggest exchanges in the country to suspend all new users that are coming from China.
If you recall that crypto trading and mining crackdowns escalate in China, the nation’s central bank issued another update and reiterated not for the first time that the digital assets are banned and the exchange operations will be banned. The crypto market took a hit and BTC shredded a few thousand dollars in a few hours. To comply with the Chinese latest regulatory measures against crypto activities and the exchange stopped new users from opening new accounts with Chinese mobile numbers with plans to block the existing users from accessing the platform by the end of the year. Huobi said in an official announcement:
“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.”
The exchange explained previously that blocked the existing Chinese users from the trading derivatives back in June when China relaunched its crackdown on crypto activities. In the meantime, it is not clear when Binance blocked the Chinese sign-ups since it didn’t require new users to specify the region during registration but the exchange mentioned that it doesn’t operate in China and blocks the IPs coming from China to access the platform:
“Binance takes its compliance obligations very seriously and is committed to following local regulatory requirements wherever we operate.”
While Binance and Huobi will no longer allow new sign-ups from mainland China, both of the exchanges are still accepting new registrations from Hong Kong. Unlike these exchanges, OKEx is another major party in China that is accepting new registration from mainland China and Hong Kong because just like Binance it didn’t ask users to specify their country at sign up.
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