As local cryptocurrency exchanges such as Houbi take active measures to protect and return existing investments in the mainland, the uncertainty caused by China’s total ban on cryptocurrency trading has decreased.
In this regard, Du Jun, the co-founder of Huobi Group, stated that as part of its social responsibility, the cryptocurrency exchange hopes to ensure the safety of user assets:
“In the next few 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.”
Based on the possibility of communicating with Chinese investors during the ban, the cryptocurrency exchange is also studying other ways to protect customer assets until users can transfer them to offshore exchanges or wallets.
Before the cryptocurrency ban, the trading volume of Chinese investors accounted for more than 30% of the trading volume, but as Jun said, the adoption rate of Huobi in Southeast Asia and Europe has increased. However, the exchange expects that “as our global business continues to grow, any short-term impact on Huobi’s revenue will be alleviated.”
While complying with the ban on cryptocurrency trading and mining imposed by the People’s Bank of China and other Chinese regulatory agencies, Jun plans to redouble Huobi’s compliance efforts and continue to establish compliance operations globally.
Cryptocurrency exchanges in mainland China, including Huobi, began to stop new customer registration shortly after new customer registration. The encryption ban takes effect on September 24. Huobi later Announce All Chinese accounts from mainland China will be closed before UTC+8 24:00 on December 31, 2021.
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Historically, China has been responsible for the largest share of Bitcoin (Bitcoin) Mining. Due to the lack of support from the ruling government, Chinese miners continue to offshore Enter a crypto-friendly jurisdiction.
According to a recent report by Cointelegraph, the latest ban marks the 19th attempt by Chinese regulators to contain Bitcoin and cryptocurrencies in the past 12 years. Although the decision to ban crypto trading in China caused some careless investors to temporarily panic selling, Bitcoin price continues to show bullish signs Given the active support of global cryptocurrency exchanges and users.