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Huobi Unveils Its China Withdrawal Details: Insider Colin Wu

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Sat, 10/02/2021 - 08:18
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Yuri Molchan
Huobi crypto exchange has revealed the details of its closure for Chinese users
Huobi Unveils Its China Withdrawal Details: Insider Colin Wu
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According to the tweet by Chinese crypto blogger Colin Wu, Huobi exchange has shared some details of its withdrawal from the Chinese market.

Huobi gradually bans mainland China users: details

Chinese journalist and blogger who covers everything to do with cryptocurrencies, mining and crypto exchanges, has shared the details on Huobi – the biggest crypto trader in China – ceasing the provision of its services to users in mainland China.

The first thing to be eliminated is deposits. Users will be unable to make them starting December 14. Next will be trading – it will be banned the following day and trading against Chinese yuan (CNY) will be stopped on December 31.

It will not impact non-Chinese users, Wu emphasizes.

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Exchanges are either leaving China or closing down

As reported by U.Today, the suspension of registration for new mainland China users was first announced a week ago – on September 25. The following day, Huobi stated it would be withdrawing from that region completely, following the new tight crypto regulations imposed recently by the Chinese government.

Several local crypto exchanges are following the suit – Binance has temporarily halted opening accounts for newly registered users, CoinEx is doing the same, Renrenbit that belongs to the China’s “OTC king” Zhao Dong, closes down completely.

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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.