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Huobi to ban all Chinese users as Binance halts new user registration in mainland China By BTC Peers


Huobi to ban all Chinese users as Binance halts new user registration in mainland China

Amid growing pressure from Chinese regulators, Huobi announced that it will “gradually retire” all of its existing Chinese users by the end of the year in order to comply with local regulations.

Huobi Global will slowly retire all existing user accounts from Mainland China at 23:00 (UTC+8) Dec 31, 2021 to protect the users’ personal assets. Users will receive information via official announcements and text messages.

Following a previous restriction in June on the trading derivatives product of its crypto exchange, it decided that Chinese residents would not be able to create new accounts.

Similarly, Huobi’s rival Binance has also suspended registration for new users from mainland China.

According to BTC PEERS: The People’s Bank of China has declared all crypto-related services illegal, including services for foreign exchanges that provide services to users in China, and any services that allow exchange of fiat currencies or crypto assets.

Binance and Huobi both originated in China. After the 2017 ban on crypto trading within China, both Binance and Huobi had to move to different jurisdictions.

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