Crypto Exchanges Cutting Ties With China Users

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September 28, 2021
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Following China’s latest crackdown announcement, several cryptocurrency exchanges and service providers said they have begun cutting ties with users in China.

Crypto exchange Huobi said on Sunday that it is going to “gradually retire existing mainland China users.” Their statement read:

“To comply with local laws and regulations, Huobi Global has ceased account registration for new users in mainland China, effective September 24, 2021 (UTC+8).

Huobi Global will gradually retire existing mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021.”

Du Jun, co-founder of Huobi added to the announcement and said that “on the very day we saw the notice, we started to take corrective measures.”

The world’s largest exchange and trading platform, Binance, said to have blocked account registrations using Chinese mobile phone numbers. In addition, their app is no longer available for download in China. A spokesperson for the exchange said:

“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate.”

BitMart crypto exchange confirmed it will end user accounts registered to mainland China by November 30. After this date, it will stop providing all services to users in mainland China.

Crypto wallet provider, Tokenpocket, informed its clients that it would terminate services to users in mainland China in order to adhere to Chinese regulations.

China’s crypto crackdown is not something new for the industry and is not seen as having that much of an impact. Galaxy Digital CEO Mike Novogratz highlighted that China holds “less and less” influence over the crypto space while others insist latest developments are a big opportunity for the U.S. to take a leading role.

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Author: Peter Siu

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