China's largest cryptocurrency exchange withdraws from mainland China one after another, with the complete illegalization of cryptocurrency transactions



The People's Bank of China, the central bank of China , issued a statement on September 24, 2021 that trading virtual currencies (virtual currencies) is completely illegal. In response, Huobi Global , one of the largest cryptocurrency exchanges in the cryptocurrency trading market, has announced a policy to suspend new user registration in mainland China and phase out existing accounts in mainland China.

Huobi Global to Gradually Retire Existing Mainland China Users-Huobi Global-Official Huobi Website
https://www.huobi.com/support/en-us/detail/54886961978434



Huobi Appears to Have Suspended Mainland Chinese New User Registration — CoinDesk
https://www.coindesk.com/markets/2021/09/25/huobi-appears-to-have-suspended-mainland-chinese-new-user-registration/

Bitcoin exchanges Binance and Huobi stop taking mainland Chinese users as Beijing steps up crackdown on cryptocurrencies | South China Morning Post
https://www.scmp.com/business/companies/article/3150149/bitcoin-exchanges-binance-and-huobi-stop-taking-mainland-chinese

In a statement released on September 24, 2021, the People's Bank of China said, 'Cryptocurrencies do not have the same legal status as statutory currencies.' 'Business activities related to cryptocurrencies are illegal financial activities.' 'Through the Internet Overseas virtual currency exchanges that provide services to domestic residents are also illegal, 'he said, banning financial institutions and payment institutions from providing services related to virtual currencies. In addition, it declares that 'we will strengthen the control of Internet information content and access regarding virtual currencies, and thoroughly pursue organizations that engage in illegal financial activities related to virtual currencies.'

Cryptocurrency risk-free communication
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4348521/index.html



Immediately after the People's Bank of China issued the above statement, Huobi Global, the largest exchange in the Chinese cryptocurrency market, has suspended new user registration for residents of mainland China, an influencer on cryptocurrencies. Was discovered by Colin Wu.



It was just reported at the end of July 2021 that Huobi, which operates Huobi Global, closed its subsidiary in Beijing due to the Chinese government's tightening of regulations on cryptocurrencies.

Chinese cryptocurrency exchanges 'Huobi' and 'OKCoin' closed their Beijing subsidiary, probably due to tightening regulations by China-GIGAZINE



According to CoinDesk, a news site related to virtual currency, the suspension of new registration is only for users with mobile phone numbers in mainland China, and if it is a mobile phone number in Hong Kong, which is a special administrative region, it is possible to register at the time of article creation. That is. CoinDesk contacted Huobi about this, but said that he had no comments.

Then, on September 26, 2021, Huobi suspended the account registration of new users in mainland China on September 24, in order to comply with local laws and regulations, and also in Beijing time. By 24:00 on December 31, 2021, we will phase out existing mainland China user accounts to protect the security of our users' assets. '

Wu also pointed out that Binance, a popular cryptocurrency exchange along with Huobi Global, has stopped accepting new user registrations as well as Huobi Global. 'Binance's response shows that there is a lot of pressure on crypto exchanges in mainland China,' Wu said.



When South China Morning Post, a Chinese news media, contacted Binance, a Binance spokeswoman said, 'We will not comment on changes in new user registration. We do not have a trading business in mainland China and China. We are blocking our IP. We take our compliance obligations very seriously and are committed to complying with the requirements set by the local regulators in which we operate. '

In addition, Taiwan's news media Taipei Times According to the China of occupying a market share second only to the virtual currency trading market in Huobi Global and Binance OKEx the registration of new users in mainland China's mobile phone number as of September 26, 2021 It seems that it is accepting.

Related Posts:

in Note, Posted by log1i_yk