China Crypto Ban: Country’s largest crypto exchange suspends majority services today

China Crypto Ban: Country’s largest crypto exchange suspends majority services today

The latest update in the Chinese crypto ban saw the largest crypto exchange platform, Huobi completely shut down futures, contracts, and other derivatives services for all Chinese users. Furthermore, according to previous notice from the exchange, the withdrawal function for mainland Chinese users will continue to be reserved for 1 to 2 years.

However, the company warned its users to close their positions prior to the deadline to prevent the risk of potential market fluctuations before settlement. In lieu of regulatory crackdown, Huobi’s phased closure is now nearing its end, which unfortunately also means the end of the decentralized era in authoritarian China.

“In response to local government regulatory policy requirements, Huobi Global will complete an orderly liquidation and withdrawal under the premise of ensuring the safety of user assets in mainland China. Users can rest assured that your assets in Huobi Global will be 100% redeemed and withdrawn.”, earlier this month, Huobi noted in a community release.

Exchanges in China wave the white flag

Last month, Huobi waved the white flag to Chinese regulators, announcing the suspension of new account openings for mainland China users. China’s largest exchange will further suspend all deposit functions by December 14, followed by the shutdown of spot trading services by December 15, 2021. Additionally, the closure of even the existing accounts of mainland China users will be completed by midnight on Dec. 31, 2021.

The People’s Bank of China issued guidelines to completely banish the “illegal” and “highly speculative” digital assets. Along with Huobi, another crypto exchange giant that gave in to the regulatory pressure was Binance. After suffering from a global regulatory crackdown, Binance announced the suspension of account registrations using Chinese mobile phone numbers through the Binance app or website. Furthermore, the Binance app is also unavailable for download in China. According to the Chinese Journalist, Colin Wu, more than 20 crypto companies have disabled services for Chinese users, but the government’s crackdown has continued to expand which is expected to end with the end of crypto in China.

China Securities Daily: Over 20 cryptocurrency companies announced their withdrawal from the Chinese market. https://t.co/8VxaZ9Qb2S— Wu Blockchain (@WuBlockchain) October 8, 2021

Source

Subscribe to get our top stories