Huobi Blocks Users from Mainland China Amid Continued Crackdown

Shumaila  |  Sep 27, 2021

Huobi has recently announced that it will no longer authorize registrations from Chinese users on its platform following the country's latest ban on cryptocurrencies and their transactions. China is moving ahead with its mission to stop all crypto activity and continues to expand its crackdown on Bitcoin and other cryptocurrencies including digital collectibles.

Huobi Will Not Authorize Registrations from Mainland China

As China intensifies its crackdown on crypto trading and mining, the nation's central bank escalated the ban on Friday after issuing a fresh update reiterating that it's not the first time that exchange operations are prohibited and crypto assets are banned in the country. As a result, the crypto market came crashing down with particularly Bitcoin taking a hit.

Major crypto exchanges including Huobi decided to suspend the user registrations from China following the government orders. The exchange has not only halted users from opening new accounts with Chinese Mainland cellular numbers but also plans to block the existing users from accessing the platform by the year-end.

The trading platform had blocked existing Chinese users from trading derivatives back in June when the country renewed its crackdown on crypto activities.

“To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China. Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users’ assets,” Huobi said in an official announcement.

Binance Suspended its Operations in China

Albeit crypto exchange Binance hasn't clarified the exact timeline of blocking the Chinese users from its trading platform as it doesn't require sign-ups to specify their regions during the registrations. However, the company has officially revealed that it no longer operates in China and blocks Chinese IPs from accessing its trading platform.

While Huobi and Binance have complied with the Chinese regulatory authorities and blocked users from trading crypto on their platforms, both these exchanges are reportedly still accepting new registrations from Hong Kong.

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