Huobi Global to suspend accounts of Mainland China users

Following China’s latest retaliation against cryptocurrencies, Huobi Global, has announced that it will suspend all user accounts based in Mainland China, by the end of this year.

• Huobi issued an announcement this Sunday where they stated that, they had already suspended account registration for new users in Mainland China since September 24 and would be phasing out existing accounts of Mainland Chinese users.
• Huobi Global will phase out existing mainland China user accounts at 24:00 (UTC + 8) on December 31, 2021 and ensure the security of users’ assets. We will inform users of the arrangements and specific details through official announcements, emails, text messages, etc.”
  Following China’s latest crackdown on cryptocurrencies, Huobi Global, has announced that it will suspend all mainland China-based user accounts by the end of this year.
• China in the latest crackdown on crypto trading stated that they were treating all crypto-related transactions as illegal, including services that allow Chinese users to exchange fiat currencies for crypto assets.

Subsequent to these statements Huobi issued an announcement this Sunday stating that, they had already suspended account registration for new users in Mainland China since September 24 and that they would be phasing out existing accounts of Mainland Chinese users.

“Huobi Global will phase out existing Mainland China user accounts at 24:00 (UTC + 8) on December 31, 2021 and ensure the security of users’ assets. We will inform users of the arrangements and specific details through official announcements, emails, text messages, etc.”

Huobi press release

Huobi is one of the first recognized cryptocurrency exchanges that has spoken out about the new measure taken by China, OKEx, another recognized exchange that serves Chinese users has not yet made any announcement about suspension of Chinese users’ accounts so far.

Thus, after making public the news, the HT token of the Huobi exchange has had a plunge in value, trading at the time of writing at 7.40 USD down by 18.74% in the last 24 hours, according to data from CoinMarketCap.

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