One of China’s biggest crypto exchanges, Huobi decided to adhere to the ongoing crypto ban by pulling the plug on new user registrations from Mainland China. This move was directly linked to the big crypto takedown that the Chinese government had formulated.
China stunned the world with its big crypto takedown. The Chinese government ousted an array of crypto platforms from the region. Just as the country prepares to roll out its very own virtual currency, the digital yuan, it was seen bidding adieu to the platforms associated with crypto. The government decided to shut several prominent crypto mining platforms that were well established in the region. Further elevating their power, several financial regulators of China joined hands and imposed a blanket ban on crypto.
Prominent cryptocurrency exchange, Huobi went on to respond to this blanket ban by eliminating the option of new accounts for the users of mainland China.
Huobi succumbs to China’s govt.
In a recent tweet, Chinese crypto journalist, Colin Wu revealed that Huobi had stopped taking in new users from China. Even though this was a temporary measure, Huobi could endure loss considering its reach and hold over China. In the tweet, Wu wrote,
“Exclusive: Huobi, the largest exchange in the Chinese region, suspends the registration of all new users in mainland China. […] The regulatory pressure in China this time may be very high. The exchange began to react.”
While not many exchanges were responding to China’s move against the crypto-verse, Huobi hit back by blocking new users. Additionally, another prominent news agency, 8BTC noted that the crypto exchange had deleted Mainland China from the country/region section of its APP registration. Mainland China was the only region out of the crypto application. Taiwan and Hong Kong still remained intact in the region.
Just yesterday, Wu shared an array of tweets noting how China’s big crypto crackdown would make the Bitcoin mining industry traverse to the United States. However, since the US isn’t very crypto-friendly exchanges and other crypto firms could move to Singapore, the Chinese crypto-journalist noted.
China’s latest move was seen dementing the growth of the crypto market.