Crypto Exchange Huobi Is Leaving China This Month
Huobi Global, one of the popular crypto exchanges, has confirmed that the company is leaving China this month. Chinese users will no longer be able to purchase cryptocurrencies on the crypto exchange starting December 14. However, users can still log in on their accounts within the next one to two years to withdraw their remaining assets.
The company already stopped accepting new users in China back in September. The reason was the new regulatory guidelines adopted by the Chinese officials. At that time, the company confirmed to retire services in China on December 31, 2021.
It is also worth noting that all crypto exchange operations in China will be terminated on December 15. So, this was the right decision to leave the country. Not just Huobi Global, other cryptocurrency exchanges such as Binance and Kucoin are also preparing to leave the Chinese market due to restrictions on cryptocurrency transactions.
Back in November, the company picked Singapore as its regional headquarters and shifted focus outside its original Beijing location. The company is also planning to set up other regional headquarters in either France or the U.K. in 2023.
China banned crypto-related activities back in 2017 but users were still mining the cryptocurrencies until this spring. Leading mining hardware producer Bitmain also stopped shipping its product in China starting October.