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- Huobi Global has begun to retire its existing users from mainland China
- No new users from mainland China are allowed to register on the platform
- Huobi claims to ensure the safety of its users’ assets
- Such harsh crackdown on the Chinese crypto industry boost the growth of P2P platforms
Huobi Global is one of the leading Bitcoin and crypto exchange platforms. The firm, including others of its kind, is facing harsh hits from the regulatory agency. In recent times, the platform should retire from existing mainland China. Following the outbreak, the crypto exchange is just forcing its citizens to retire cryptocurrency-related transactions. According to the residents of China, the cryptocurrency exchange has halted all the latest accounts for mainland users. However, following such harsh hits, experts claim that the cryptosphere can soon witness on BTC exchanges log.
Huobi will phase out its client’s account
Following the scenario in China, crypto-related firms are shutting down their operations. In a recent announcement, the exchange platform underscored that region that the only man I read access to phase 31st December of this year. Moreover, the leading Chinese crypto assets exchange platform states that it would ensure the safety of its users’ assets. However, the platform has not detailed its plan for acting on such a promise.
Chinese central bank believes crypto should be ban entirely
Significant news surfaced last week, regarding the renewed crackdown on the crypto industry. The move of Huobi came, as recently the Chinese central bank, Public’s Bank of China reminds its residents that crypto transactions are illegal. While citing such statements, the bank also asked to ban such transactions completely. Indeed, firms like Huobi are deliberately retiring their clients in the mainland of the province. Moreover, the firms have halted account registration for individuals interested in such services who live in that region.
No more new registrations from mainland China
On September 24, 2021, Hu, obi terminated new registration from mainland China. According to the firm, its efforts are to comply with the local regulations and standards. However, for existing accounts, the firm will inform the clients of the specific arrangements and details via official announcements. Such announcements will be provided through emails, texts, messages, and other communication mediums.
Adoption of the Peer-to-Peer system surged
Following the latest crackdowns, users in the Chinese region are seeking alternative options. The residents of China have noted that an actual ban on BTC is impossible. Hence, the scenario is strengthening alternative markets like P2P marketplaces. Simultaneously, the Nigerian government took some similar steps imposing bans on digital currencies like BTC, when a steep rise was observed in Peer-to-Peer trading volume in the nation. Indeed, such a spike has continued to grow since then.
