Binance & Huobi Suspends New User Registrations From China

Popular cryptocurrency exchanges Binance and Huobi have stopped registering new users from mainland China. This is due to another wave of crackdowns on the country’s crypto industry.

Closure of Chinese accounts

It is reported that users from Hong Kong can still register new accounts on both platforms. Huobi has since announced that the existing accounts of Chinese users will be closed by the end of the year. The company has reported the following:

“As of September 24, 22021, Huobi Global has stopped account registration for new users in mainland China to comply with local laws and regulations. Huobi Global will gradually phase out existing Chinese user accounts and guarantee the security of users’ assets on December 31, 2021 at midnight. Huobi Global has always been committed to providing digital asset trading services and ensuring the safety of customers’ assets while complying with all applicable laws.”

Binance has decided to take this step as well for the same reasons.

Stubborn action China

China is becoming more and more persistent in the battle with cryptocurrencies. Last week, the People’s Bank of China (PBoC) released further clarifications for the country’s crypto industry. However, this report labeled all activities related to cryptocurrencies as illegal. The report emphasized the need to prevent foreign crypto exchanges from serving Chinese citizens.

The report also stated that more scrutiny would be put in place to prevent the risks of cryptocurrencies. This continues to increase the pressure on cryptocurrencies in mainland China. It is currently unknown what exactly the next step will be.

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