Huobi Global came to the fore with a radical decision. The China-based cryptocurrency exchange has decided to end all its activities in China by the end of this year.
Huobi Global had already stopped accepting new users from China since September. Therefore, this new decision is not surprising.
China’s pressure on crypto trading seems to have been an important factor in Huobi’s decision to take such a decision. As a matter of fact, all crypto mining activities were banned across the country in September of this year, and China still continues its anti-crypto campaigns. Many companies, including Huobi Global, are also preparing to leave the country.
Although Chinese President Xi Ping cites the carbon neutrality goal as the reason for all the pressures, many analysts say it is not the only reason. It is also an important reason why the government is trying to eliminate all competition against the state-backed digital currency.
On the other hand, recent reports reveal that Huobi Global plans to establish a regional headquarters in Singapore. Recently, Singapore has become a new attraction for crypto startups. From this point of view, the country may become the new headquarters of Huobi Global.
In addition to all these, Huobi continues to increase its influence day by day. After the cyber attack against BitMart in the past days, Huobi announced that it would help track and match the funds stolen from BitMart.
As it is known, in the attack, a total of 200 million dollars was stolen, 100 million dollars from Ethereum wallets and 96 million dollars from BSC wallets.