InstaForex

September 27, 2021

Anxious Chinese Crypto Investors, Huobi & Binance Block New Registrations

 After China declared a ban on cryptocurrency transactions on Friday, Huobi blocked all new registrations of Chinese users on the same day.


The action was announced on Sunday via an official post on Huobi’s website.


Not only that, Huobi, which is popular among Chinese crypto investors, also announced that they will terminate all existing user accounts as early as 31 December 2021, at 12 midnight.



So far, Huobi is the only exchange to take the initial step of ‘escaping’ from doing business with Chinese consumers.


As a result of Huobi’s decision, its native token HT saw a price drop of 15% in an hour, before continuing to decline nearly 40% since Friday with a trading value at the time of this writing, $ 7.32.


Apart from Huobi, Binance also took similar action by blocking the registration of Chinese users.


Meanwhile, OKEx has yet to make any further announcements on this issue.