The announcement that Huobi will cease serving Chinese users comes after China’s recent call for a crypto crackdown.
Huobi Global, the leading cryptocurrency exchange for Chinese users, has announced the end of services in the country as the first crypto platform. The popular cryptocurrency exchange has completed new registrations with mainland China cell phone numbers.
In early June this year, Huobi banned Chinese users from entering the riskier crypto derivatives market during the latest May-June raid.
The People’s Bank of China has published a detailed guide on how to crack down on the cryptocurrency and holds all crypto transactions illegal. The regulatory documents are believed to be the first to provide detailed guidance on preventing mining activities and preventing cryptocurrency trading in the country. In addition, the Central Bank of China also warned foreign cryptocurrency exchanges to offer all services in mainland China.
Though China’s ban on cryptocurrencies is nothing new and has become the norm in bull cycles, be it 2017 or today. However, Chinese insiders insist the current crisis is unprecedented as nine other key bodies including the Supreme Court are affected. Other popular Chinese crypto exchanges like OKEx and even Binance are expected to make similar announcements.
China’s FUD usually results in a massive sell-off in the crypto market every bull cycle. However, the crypto market looks more resilient than FUD as it has seen a small correction in the prices of top crypto assets like Bitcoin and Ether compared to previous sell-offs.
Trading data from crypto analyst Santiment shows traders took the opportunity to buy, despite a sharp correction that fell nearly 5% following news of Huobi’s end-of-user service and cryptocurrency bans.
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