Huobi, the major cryptocurrency exchange, has today ended its futures and other derivatives trading in mainland China as planned.
Earlier this month, cryptocurrency exchanges Announce On its website, it will settle all futures, contracts and other derivatives activities for all Chinese consumers today as part of a larger plan to stop operations in China.
According to previous announcements, Huobi, China’s largest exchange, will today completely shut down futures, contracts and other derivatives functions for all Chinese users. https://t.co/TNx4CvrzJ7
-Wu Blockchain (@WuBlockchain) October 29, 2021
As the Chinese government has consistently refused to lift its Bitcoin ban, Huobi is the first exchange to announce its withdrawal from mainland China. On September 24, China’s largest cryptocurrency exchange held a general meeting of shareholders, and the company’s shareholders unanimously decided to leave China and exit operations.
According to Cointelegraph, Huobi Group co-founder Du Jun vowed to Protect all crypto assets of Chinese accounts It will be permanently closed until December 31, 2021.
Under the leadership of Huobi, other cryptocurrency-related platforms and companies, such as crypto Mining pool And mining equipment manufacturers have adopted the same strategy.This list includes Binance, BTC.com, and Bitmain,and many more. CoinEx cryptocurrency exchange Announcing its withdrawal from China, and RenrenbitFounded by China’s “over-the-counter king” Zhao Dong, it is also closing operations.
The outflow was the result of the government’s efforts in late September, when 10 Chinese authorities, including the Ministry of Public Security and the Supreme People’s Court, as well as the country’s main banks, Announcing a total ban on cryptocurrency transactions.
Speak at the meeting Los Angeles Code Conference In late September, Tesla CEO Elon Musk believed that cryptocurrencies were on the verge of eroding the power of the Chinese Communist Party. Therefore, the government’s encryption ban will continue.