Huobi Exchange Shuts Down All Crypto Trading Businesses In China

The crypto Huobi exchange shuts down all crypto trading businesses in China as the leading platform in the region, discontinuing the crypto futures and other derivatives products in the country starting today so let’s read more in our latest cryptocurrency news.

Crypto Huobi exchange shuts down all crypto trading businesses and will not facilitate or support crypto futures trading, halting all related proceedings and more, as it said in an announcement last week. Huobi became the first exchange to have announced a withdrawal from mainland China after the imposed Chinese ban and notified its users of the impending shutdown in September later on, joint by other platforms like Bitmain, Coinex, Binance, BTC.com.

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

Following the recent developments, Huobi issued an initial statement assuring the users that their assets will still be safe within the platform and their statement consisted of multiple ways via which users can redeem and withdraw their money back into their accounts. Elon Musk, Tesla’s CEO previously noted that the emergence of crypto in China could be a huge trigger that will threaten the dominance of the communist party. Investor Robert Kiyosaki as the author of the bestseller book “Rich Dad Poor Dad” said that China is in the process of developing an independent cryptocurrency and autonomous CBDC in the form of the digital yuan stating that the ban imposed on crypto could be a way to get rid of the competitors that could threaten the supremacy in the nation.

However, the President of China Xi Jinping cited an increase in the carbon levels as the main reason that boosts Chinese authorities to impose a ban on crypto mining and trading.

As recently reported, The Chinese government is really not holding back on the mission to stop the crypto activity in the country and continued to widen its crackdown against BTC and crypto. The enhancing crypto ban forced Huobi as one of the biggest exchanges in the country to suspend all new users that are coming from China. The crypto market took a hit and BTC shredded a few thousand dollars in a few hours. To comply with the Chinese latest regulatory measures against crypto activities and the exchange stopped new users from opening new accounts with Chinese mobile numbers with plans to block the existing users from accessing the platform by the end of the year.