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Huobi Loses 64% of Revenue and 500 Million in USDT Reserves Due to Regulatory Pressure

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Thu, 07/15/2021 - 12:07
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Yuri Molchan
Data shared by insider Colin Wu shows that Huobi has been suffering from regulatory pressure in China and has faced big losses over it
Huobi Loses 64% of Revenue and 500 Million in USDT Reserves Due to Regulatory Pressure
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Chinese crypto journalist Colin Wu, who covers multiple topics related to blockchain and cryptocurrencies, has tweeted that the Huobi exchange is facing big financial losses over the recent regulatory pressure on it in China.

According to the tweet shared by the journalist, the largest crypto trading venue in China lost 64 percent of its revenue from its regular operations in June.

Besides, the exchange lost a whopping 500 million coins from its USDT reserves since April. That was the result of regulatory pressure from Chinese authorities, as per Wu's tweet.

Recently, China has bolstered its regulatory measures against crypto miners and crypto exchanges. Mining companies have been forced to relocate to friendlier countries such as Canada, the U.S. and Kazakhstan.

This caused a massive plunge in the Bitcoin hashrate, which dropped to a low last seen in July 2019. However, by now, the hashrate has begun a gradual recovery and hit 115E recently, which means that miners have successfully resumed operating in new locations friendly to crypto mining.

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It has also forced local search engines and social media platforms to block search results for crypto trading venues: Binance, Huobi and so on.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.