The uncertainties caused by China’s blanket ban on cryptocurrency trading have diminished as local crypto exchanges like Huobi take proactive steps to protect and return existing investments on the mainland.
Speak to Cointelegraph in this regard, You jun, Co-founder of Huobi Group, said that As part of its social responsibility, the cryptocurrency exchange wants to guarantee the security of users’ assets:
“In the coming months, customers will be able to transfer their assets to other exchanges or wallets. Specific actions and operating rules will be described in future announcements. “
Citing the possibility of a communication gap with Chinese investors amid the ban, The exchange is also working on other ways to protect client assets until users can move them to foreign exchanges or wallets.
Chinese investors accounted for more than 30% of trading volume prior to the crypto ban, but as Jun suggests, Huobi has seen increasing adoption in the Southeast Asian and European markets. However, this is what the stock market expects “Any short-term impact on Huobi’s sales will be mitigated as our global business continues to grow.”.
As you watch the ban on cryptocurrency trading and mining imposed by the People’s Bank of China and other Chinese regulators, Jun plans to repeat Huobi’s regulatory compliance efforts and continue building compliance activities around the world..
Mainland China Crypto Exchanges, Including Huobi, They started stopping new customer registrations shortly after a new cryptocurrency ban went into effect on Friday.. Huobi later announced that all Chinese mainland accounts will be closed on December 31, 2021 at 24:00 UTC + 8.
Historically, China has been responsible for most of Bitcoin (BTC) mining. Given the lack of support from the ruling government Chinese miners remain upstream in crypto-friendly jurisdictions.
According to a recent report from Cointelegraph, The latest ban marks the 19th attempt by Chinese regulators to contain Bitcoin and cryptocurrencies in the past 12 years. While the decision to ban cryptocurrency trading in China briefly freaked out some unsuspecting investors, Bitcoin price continues to show bullish signals, given the proactive support of crypto exchanges and users around the world.