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Huobi Global to Cease Its Users’ Accounts in China Before 2021 Ends

Huobi Global to Cease Its Users’ Accounts in China Before 2021 Ends Huobi News
  • Huobi Global is working to gradually retire its users’ accounts in Mainland China before 2021 ends.
  • The company has even stopped new account registration in China on September 24.
  • Doing this will help Huobi Global to comply with the country’s local crypto regulations.

Huobi Global has announced that it is working very hard to retire all of its users’ accounts in Mainland China before 2021 ends. As per Huobi Global, the company aims to fulfill this decision to conform to the country’s local regulations.

As brought by this, Huobi Global Exchange has stopped all new account registration on its platform in Mainland China. Timely, the company intentionally stopped the account registration on September 24, 2021 (UTC+8).

Also, Huobi Global even emphasized that they will entirely stop all their user’s accounts in Mainland China at 24:00 (UTC+8) on Dec 31, 2021. The company will not take the user’s assets. Instead, they will make sure that all the assets in each individual account are safe and secure.

Based on the report, Huobi Global said that they will update every user with the specific arrangements and details when the time is due. On this note, users should be aware that Huobi will give the details through official announcements, e-mails, and text messages.

To add more, Huobi Global contender Binance has already stopped users residing in Mainland China from registering on the exchange. Similar to Binance, China even asked Huobi Global to disallow all residents attempting to register new accounts on the platform.

Moreover, the uncertainties come a few days after the People’s Bank of China declared that it’s illegal for foreign exchanges to operate in Mainland China.

In fact, this ongoing matter shows that China is extremely making the country more unfriendly for crypto-related activities.

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Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.