The government is trying to position the 5.5 million-inhabitant country as an ideal location for the crypto industry.
(Photo: Bloomberg)
Bangkok China’s largest crypto exchange Huobi began to flee in installments four years ago. At that time, the government in Beijing had already massively restricted business with digital currencies. Huobi therefore relocated a large part of its business to the Southeast Asian city-state of Singapore. From then on, Chinese users only had limited trading opportunities.
With the decision of the Chinese authorities announced at the end of September to declare all crypto transactions illegal, the Chinese start-up is now bidding farewell to its former home market. Users from China will have to leave the platform by the end of the year.
Huobi had apparently expected the strong headwind from Beijing: According to the industry service “Coindesk”, the company had already moved a large part of the staff remaining in China in the previous months – mainly to Singapore, where co-founder Du Jun also has his office.
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