Huobi Stops Accepting New Users From Mainland China

The Chinese government has not slowed down in its efforts to end all crypto activity in China and has increased its crackdown on bitcoin and other cryptocurrencies.

Huobi Suspends New Chinese User Registration

Huobi, one the largest exchanges in the country has been forced to stop new registrations from China because of intensified attacks.

Remember that China’s central bank published another update on Friday, which reiterated that not only are digital assets banned but also that exchange operations would be prohibited. The crypto market suffered a blow, with bitcoin losing a few thousand dollars in less than an hour.

China’s Ban Brings Compliance

The exchange has stopped users opening accounts with mobile numbers in mainland China. It also plans to block existing users accessing its platform until the end of the year, as a way to comply with China’s recent regulatory measures against crypto activity.

“To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China. Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users’ assets,” Huobi said in an official announcement.

According to the exchange, it had previously barred Chinese users trading derivatives from its platform in June 2016, when China redoubled its crackdown on crypto activity.

Binance Blocks Chinese IPs

It is unclear when Binance stopped Chinese sign-ups, as it doesn’t require new users to indicate their region during registration. However, Bloomberg was told by the exchange that it does NOT operate in China and blocks Chinese IPs from accessing its platform.

“Binance takes its compliance obligations very seriously and is committed to following local regulatory requirements wherever we operate,” the exchange said in an email.

Although Huobi and Binance do not allow new signups from mainland China anymore, both platforms are still accepting registrations from Hong Kong users.

OKEx, another important crypto exchange in China is accepting new registrations from mainland China numbers as well as Hong Kong. This may be because, unlike Binance, it doesn’t ask users to provide their country when signing up.