Huobi Global, one of the largest crypto exchanges, said it will suspend all user accounts based in China this year.
In fact, the exchange said that it stopped account registration for new users in China shortly after the People’s Bank of China issued drastic measures to curb crypto trading activities.
In addition, in a statement on Sunday, “Huobi Global will gradually remove existing Mainland China user accounts by 24:00 on December 31, 2021, ensuring the security of users’ assets.”
Huobi has become the first major crypto exchange to react to China’s recent crypto pressures. Huobi’s native token, HT, fell 15% within an hour of the exchange’s announcement, pushing the loss over 27% in the past 24 hours.
OKEx, another major crypto exchange catering to Chinese users, has yet to make a statement about the suspension of user accounts in China. On the other hand, Binance has already suspended new user registration using Chinese mobile numbers, based on the user registration process. It is thought by market experts that Binance will follow a similar path to Huobi.
Huobi has announced that it will gradually remove its customers in China from its system by the end of the year. #Binance will follow the same path. https://t.co/qHyHOAuhFd
— Coin Man 📈 (@CoinCrazy) September 26, 2021
As a result, it can be said that the Huobi decision created a new FUD (fear, uncertainty, suspicion) in the market and led to some sales.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.