Cryptocurrency exchange Huobi Global is leaving China this month –

Digital asset exchange Huobi Global has announced its intention to exit the Chinese market. The crypto trading platform with Chinese roots announced it would stop processing transactions for existing mainland users by the end of the year.

Huobi Global is suspending services in the People's Republic

Crypto exchange Huobi Global will end services to users based in mainland China this month. In a statement quoted by English-language Chinese television channel CGTN, the company said on Sunday that users in the People's Republic will not be allowed to purchase cryptocurrencies from 11 a.m. Beijing time on December 14.

Huobi Global More specifically, crypto exchange operations will cease on the following day, December 15th, and all trading of crypto assets will cease until December 31st at 12:00 p.m. However, traders can still log into their accounts and request withdrawal of the remaining assets within the next one to two years, emphasized the platform, which has stopped accepting new customers from China since September.

The report notes that several cryptocurrency exchanges are preparing to withdraw from the Chinese market by the end of 2021. Their moves come after Beijing's decision this year to reiterate restrictions on cryptocurrency transactions, followed by a crackdown on trading and mining. In addition to Huobi Global, the list includes other major platforms such as Binance and Kucoin.

State-run CGTN notes that China has stepped up its efforts to limit the crypto market while calling it a global crackdown on cryptocurrencies. “Concern is growing that highly volatile digital currencies could undermine the stability of financial and monetary systems, increase systemic risk, encourage financial crime and hurt investors,” the news service added.

The People's Republic banned crypto-related activities back in 2017 and while the government went after coin trading and token sales, authorities did not intervene in mining until this spring. In May, the State Council, the Cabinet of Ministers in Beijing, decided clamp about the crypto industry following President Xi Jinping's promise to make the country achieve carbon neutrality in the next four decades.

Leading mining hardware manufacturer Bitmain provided another example of a major crypto company exiting the Chinese market. In October, the Beijing-based manufacturer announced It will no longer ship its products to the mainland as the move was in response to local regulations. As with other companies, Bitmain stressed that the decision does not affect its operations in the Hong Kong Special Administrative Region and neighboring Taiwan.

Do you expect more crypto companies to withdraw from the Chinese mainland market? Tell us in the comments section below.

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