Huobi creates plan for Chinese investors after stopping cryptocurrency trading

The turmoil caused by China’s ban on crypto trading has subsided as domestic crypto exchanges like Huobi take proactive steps to protect and return the investments available on the mainland.

Speaking to Cointelegraph, Du Jun, co-founder of the Huobi Group, said that as part of its social responsibility, the crypto exchange wants to ensure the safety of users’ assets:

“In the coming months, customers will be able to transfer their assets to other exchanges or wallets. Specific measures and operating rules will be outlined in future announcements. “

Citing the possibility of a communication gap with Chinese investors during the ban, the crypto exchange is also working on other ways to protect client assets until users can transfer them to foreign exchanges or wallets.

Chinese investors had more than 30% trading volume prior to the crypto ban, but as Jun shows, Huobi has seen growing adoption in the Southeast Asian and European markets. However, the exchange hopes that “any short-term impact on Huobi’s sales will be minimized as our global business continues to grow.”

While Jun complies with the ban on cryptocurrency trading and mining imposed by the People’s Bank of China and other Chinese regulators, Jun plans to redouble Huobi’s compliance efforts and continue building compliance activities around the world.

Cryptocurrency exchanges in mainland China, including Huobi, began stopping new customer registrations shortly after the new crypto ban went into effect on September 24th. Huobi subsequently announced that all mainland Chinese accounts will be closed until 24:00 UTC + 8 on December 31st, 2021.

Related: Cryptocurrencies have rallied from China’s FUD more than a dozen times in the past 12 years

Historically, China is responsible for most of Bitcoin (BTC) mining. Due to the lack of support from the ruling government, Chinese miners have continued to relocate to crypto-friendly jurisdictions.

According to a recent report by Cointelegraph, the latest ban marks the 19th attempt by Chinese regulators to restrict Bitcoin and crypto in the past 12 years. While the decision to ban crypto trading in China has panicked some currently reckless investors, Bitcoin price continues to show bullish signals thanks to active support from exchanges, cryptocurrency and users around the world.