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Binance and Huobi Block Users From Creating New Accounts in China As Crypto Ban Looms: Report

Binance and Huobi Block Users From Creating New Accounts in China As Crypto Ban Looms: Report


Digital asset exchange operators Binance and Huobi are reportedly blocking new user registration in response to China’s latest measures against the crypto space. 

Bloomberg reports that Binance and Huobi are still accepting new sign-ups from Hong Kong, but are no longer allowing new registration for traders with mainland China-based mobile phone numbers.

 

On September 24th, China banned all business activities related to the crypto industry including the trading of digital assets such as Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).

Binance did not comment on halting registration for Chinese users, but a spokesperson says that the firm does not have an exchange operation in China and is blocking Chinese IP addresses. 

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

Meanwhile, Huobi says it has ceased account registration for new users in China effective September 24th to comply with the nation’s laws and regulations. It is also terminating its service to current users. 

“Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31st, 2021, and ensure the safety of users’ assets. We will inform users of the specific arrangements and details through official announcements, e-mails, text messages, etc.”

As Huobi works to end its services for Chinese users, Whale Alert has detected a number of large transfers from the exchange. According to the blockchain tracker, unknown entities moved a total of 600,000 Ethereum (ETH) worth $1.7 billion to wallets of unknown origins in six different transactions.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Oliver Denker





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