Chinese crypto asset exchanges 'Huobi' and 'OKCoin' close their Beijing subsidiary, probably due to tightening regulations by China
It has been reported that two Chinese crypto asset exchanges, Huobi and OKCoin, have closed their Beijing subsidiaries. The closure of subsidiaries on both exchanges is believed to be affected by tightening regulations on crypto assets in China.
Cryptocurrency exchange operators Huobi, OKCoin to close Beijing subsidiaries amid China's crackdown | South China Morning Post
Huobi and OKCoin are companies that operate crypto asset trading services established in China. Checking the 'trust score ' that indicates the creditworthiness of the cryptocurrency exchange calculated by CoinGecko, Huobi has a high credit of '10' at the time of writing the article, and the cryptocurrency exchange ' OKEx ' operated by OKCoin has a high credit of '9'. You can see that you are getting.
As mentioned above, both companies have gained high credit in the crypto asset industry, but in late June 2021 OKCoin announced the closure of its subsidiary in Beijing, and on July 22, Huobi announced the closure of its subsidiary in Beijing. I applied to the authorities to close the subsidiary of. A Huobi spokeswoman said, 'Beijing's business entity was not in business and was deemed unnecessary and closed.' In addition, South China Morning Post is 'Recently, Huobi advances have measures to protect investors in strict accordance with the regulations of China,' he said, in this time of subsidiary closed
In addition, Huobi has partially stopped providing mining services in China since May 2021. In response to this Huobi move, the State Council of the People's Republic of China's Financial Stability and Development Committee issued a statement on May 21, 2021 stating, 'We will crack down on Bitcoin mining and trading activities and firmly prevent the spread of individual risks to society.' It seems that what you did has an effect.
Chinese government may ban Bitcoin mining & trading altogether-GIGAZINE
In addition, when Huobi and OKCoin met with the People's Bank of China in 2017, they also stopped withdrawing Bitcoin and Litecoin for a month as 'to prevent money laundering and illegal transactions'. I have.
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