The Chinese government’s big crypto takedown is no news to anyone. The very public resentment of the Chinese government left the entire world shaken. This notion started a whole new strain where prominent crypto exchanges were exiting from China. Huobi was one of the first few exchanges to announce its departure from the country. While the platform gave its Chinese users time to withdraw their respective funds, the exchange went a step ahead and suspended its crypto derivatives functions.
China’s hostility towards crypto was condemned by many. The country went on to oust mining firms, exchanges, and any crypto-related firms. While some speculated that the Chinese government wanted to take the focus of its citizens from crypto and lay it on its CBDC, the digital yuan, a few others noted that China couldn’t handle the level of decentralization that crypto provided.
Earlier this month, the crypto exchange Huobi announced that it would take down all things China. Users have until the end of the year. Deposits would be stopped from 14 December and the exchange would drop support for Chinese yuan [CNY] trading pairs post 31 December.
In more recent news, the exchange decided to pull the plug on its crypto derivatives services.
Chinese users can no longer access crypto derivatives on Huobi
Chinese journalist, Colin Wu has been keeping the crypto community updated about the entire crypto scene in China. In a recent tweet, Wu revealed that crypto contracts, futures, and derivatives services would be discontinued in China.
The tweet read,
“According to previous announcements, Huobi, China’s largest exchange, will today completely shut down futures, contracts, and other derivatives functions for all Chinese users.”
Citizens of China could be missing out on a lot considering the sudden surge in the crypto market. While the crypto industry’s market cap was currently at a high of $2.6 trillion, the world’s largest cryptocurrency was valued at $61K. As the community speculates $100K for Bitcoin, China would definitely be left behind.
