Following the latest ban on crypto activities by the Chinese government, Huobi and other homegrown crypto exchanges have resorted to taking proactive measures to protect and refund customers currently residing in Mainland China.

Huobi founder Du Jun said that as part of their social responsibility, Huobi wanted to protect user assets.

In the coming months customers will have the ability to move their assets to different exchanges or wallets. In future announcements, specific details and operating rules are expected to be revealed.

Recall that the exchange platform recently announced that it is looking to “gradually retire” all its Chinese customers by the end of the year. Huobi will continue to work on alternatives to safeguard customer assets, in the meantime users can transfer these funds to overseas exchanges.

Chinese investors were responsible for more than 30% in trading volumes before the ban. However, Jun opines that Huobi has seen increased adoption in the Southeast Asian and European markets, and the exchange expects that “any short-term impact on Huobi revenues will be mitigated as our global business continues to grow.”

Jun intends to double down on Huobi’s compliance efforts and continue to create compliant operations on a global scale while observing the ban imposed by China’s central bank.

Following Friday’s new restrictions being announced, all crypto exchanges based in mainland China, including Huobi, decided to temporarily suspend registrations of customers.

Huobi then announced that all Chinese accounts located on the mainland would be closed at midnight UTC+8 Dec. 31, 2021.

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