Cryptocurrency exchange Huobi Global leaves China this month - this month -

The Digital Asset Exchange Huobi Global has announced its intention to leave the Chinese market. The crypto trading platform with Chinese roots announced that the processing of transactions for existing users on the mainland until the end of the year.

Huobi Global hires services in the People's Republic

The crypto tour Huobi Global will hire the services for users based on the Chinese mainland this month. In a declaration cited by the English -language Chinese television station CGTN, the company announced on Sunday that users in the People's Republic from 11:00 a.m. Beijing time on December 14th are not allowed to buy cryptocurrencies.

Huobi Global The crypto stock market operation is hired the following day, December 15th and the entire trade with crypto-assets will end until December 31 at 12:00 p.m. However, retailers can continue to log in to their accounts and apply for the payment of the remaining assets within the next one to two years, emphasized the platform, which has not accepted 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. After Beijing's decision this year, their steps are made to repeat the restrictions on cryptocurrency transactions, followed by a hard approach to trade and mining. In addition to Huobi Global, the list includes other large platforms such as Binance and Kucoin.

The state CGTN notes that China has strengthened its efforts to limit the crypto market while it calls a global approach to cryptocurrencies. "The concern is growing that the highly volatile digital currencies undermine the stability of the financial and currency systems, increase the systemic risk, promote financial crime and violate investors," adds the news service.

The People's Republic already banned crypto-related activities in 2017 and while the government went afterwards Coin Handel and Token sales did not intervene the authorities until this spring. In May the State Council, the ministerial cabinet in Beijing, Crypto industry after President Xi Jinping's promise to reach the country over the next four decades of CO2 neutrality.

The leading mining hardware manufacturer Bitmain provided another example of the exit of a large crypto company from the Chinese market. In October, the manufacturer based in Beijing Regulations. As with other companies, Bitmain emphasized that the decision was not concerned in the Hong Kong special administrative region and the neighboring Taiwan.

Do you expect more crypto companies to retire from the market on the Chinese mainland? Tell us in the comment area below.

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