Major Crypto Exchanges Cut Off Chinese Users After Latest Crackdown

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Major cryptocurrency exchange platforms are closing down business in china following the latest announcement by the Chinese government. Binance has stopped registration on their platform using Chinese mobile phone numbers. Houbi on the other hand has completely halted any users in china from signing up on their platform.

Following the latest news of the total ban of crypto activities in china, some cryptocurrency exchanges and services said they have started cutting ties with users in China. Crypto exchange Huobi announced on Sunday that they will “gradually retire existing mainland China Users.” The exchange wrote.

“To comply with local laws and regulations, Houbi global has ceased account registration for new users in mainland China, effective September 24, 2021 (UTC+8). Houbi Global will gradually retire existing mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021.”

Huobi Group Co-founder Du Jun told Reuters, “on the very day we saw the notice, we started to take corrective measures.”

Binance on the other hand said it has stopped account registrations using Chinese mobile phone numbers and its app is also no longer available for download in China. A representative of Binance said.

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

Binance has been facing regulatory problems worldwide with countries like U.K, Netherlands, Singapore, South Africa, Italy, Lithuania, Malaysia all issuing warnings to the platform. On Monday, the exchange platform ended some services in Singapore.

TokenPocket, a crypto wallet provider, also said in a notice to clients that it would terminate services to users in mainland China to comply with Chinese regulations.

Share your thoughts with us in the comments section below about the latest cryptocurrency crackdown in China.

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