One of the largest crypto exchanges in China has suspended new user registration from users based in China. And, by the end of year, it plans to block existing users as well.
"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. We will inform users of the specific arrangements and details through official announcements, e-mails, text messages, etc," it said in a statement.
This is the second time that the exchange has taken a step to pull back its engagement in China. The exchange had previously blocked Chinese users from trading derivatives back in June when China renewed its crackdown on crypto activities.
This is in line with what Binance, the largest crypto exchange in the world, is also doing. It told Bloomberg that it doesn’t operate in China and blocks any Chinese IPs trying to access the platform.
While both of these exchanges aren’t taking in any new users from Mainland China, they are still accepting registrations coming in from Hong Kong users.