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Cryptocurrency exchange Huobi to clean up existing mainland clients by end-2021 By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: This illustration photo was taken June 2, 2020. It shows a Chinese flag among other representations of Bitcoin. REUTERS/Florence Lo/Illustration/File Photo

BEIJING (Reuters) – Chinese cryptocurrency exchange Huobi Global said on Sunday it had stopped taking new mainland customers from Friday and would end contracts with mainland clients by the end of the year to comply with local regulations.

China’s regulators intensified a crackdown https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24 on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from providing services to mainland investors via the internet.

Huobi Global stated in a statement that it would conduct an orderly exodus of existing clients from mainland China on the basis of providing security for their assets.

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