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- Huobi Global has announced to withdraw its operations from the Chinese provinces, finally
- Huobi is taking such measures as the Chinese government is not lifting its imposed ban on the cryptocurrencies
- The crypto exchange will shut its futures, contracts, and crypto derivatives related services for China
- Following the step of Huobi, several other major platforms are also stepping out of the region
Huobi Global is one of the leading crypto assets exchanges operating globally. The platform offers secure and convenient trading services for hundreds of virtual currencies. The Seychelles headquartered crypto assets exchange will now close cryptocurrency derivatives trading for Chinese users. Indeed, the firm is taking such measures following the Chinese crackdown on the cryptocurrency industry. However, following the latest step to close down such trades for Chinese users, it seems the exchange is one step ahead towards closing its operations in China.
Huobi Global is the first to relinquish from mainland China
It is noteworthy that Huobi Global is one of the first crypto assets exchanges operating in China that planned to withdraw from mainland China. The digital assets exchange has previously shared its plans to settle all futures, contracts, and other activities related to derivatives for all the users in China. Indeed, the ultimate plan of the exchange platform was to cease its entire operation in the country.
Late last month, the major global digital assets exchange held a meeting with its shareholders. The shareholders of the firm unanimously concluded with a decision to depart the nation. Notably, the exchange takes the latest measure because the government has persistently spurned to lift the imposed prohibition on the crypto industry.
Halts futures and derivative trades in China
A recent report from the local news outlet of China revealed that, as previously announced, Huobi Global is going to entirely shut down futures, contracts, and other activities related to crypto derivatives for Chinese users. Indeed, the firm will not offer any services to users based in China. However, Du Jun, the co-founder of the leading crypto assets exchange, had previously assured the Chinese residence that it would secure all cryptocurrencies for their accounts before halting its operations in the provinces.
Other primary exchanges also follow Huobi’s trail
As Huobi Global took a step ahead to withdraw its operations from China, other major exchanges are also planning to step out. Notably, some of the crypto firms, including mining pools and mining equipment manufacturers, are also found adopting similar strategies. Moreover, following Huobi, other significant exchanges, including Binance, Bitmain, and BTC.com, have also announced their withdrawal. Simultaneously, Renrenbit, the On-The-Counter king of China, will also slam down its operations in the region.
