One of the world’s biggest cryptocurrency exchanges has announced it will close all user accounts in mainland China by the end of the year.
Du Jun, Huobi Group co-founder stated: “On the very day we saw the notice, we started to take corrective measures.”
Henri Arslanian, PricewaterhouseCooper’s (PwC) crypto leader and partner said he was unsurprised.
“This time there is no ambiguity,” Arslanian said.
Good times for DeFi
Coins such as DXDY, Uniswap (UNI), and IDEX became the big winners.
OKEx is one of the few exchanges still working in China
Amid this crush, numerous Chinese crypto companies have been fleeing the country during the last few months. One of them is Babel Finance – a Chinese crypto financial services provider – which has now moved its headquarters to Singapore.
Cobo, a crypto asset management and custodian platform, also recently moved the same move.
Binance also decided to suspend new mainland China user registration through Chinese mobile phone numbers.
Binance responded to the Chinese media: We have not allowed Chinese people to use it since 2017, and we have no exchange business in China. https://t.co/R62hARGqxy
On the other hand, OKEx, another major crypto exchange that serves Chinese users, has not yet made any announcement about account suspension in China.
Mati Greenspan, founder of Quantum Economics, humorously noticed that “if you would have bought $1,000 worth of Bitcoin every time China banned it, you’d be a millionaire by now”.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.