Huobi & Binance to follow guidelines of China crypto Ban

Huobi & Binance to follow guidelines of China crypto Ban 2

Huobi exchange seized their operations for all China users and also Binance exchange stopped new Chinese users registration.

Yesterday, the Central Bank of China released a guideline for all crypto exchanges, which are providing their crypto services for the Chinese users. PBOC ordered all crypto exchanges to halt their services for China directly or indirectly.

Huobi became the latest crypto exchange to follow the guidelines of PBOC. Huobi exchange stopped all kinds of crypto services for the users belonging to the China Mainland. 

Through the announcement, Huobi exchange clearly said that they will take care about the assets of their clients & users have to follow the official guidelines of Huobi exchange. Exchange will retire the accounts of existing Chinese users after 31 December of this year.

“Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 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”

According to the report of 8BTCnews, Binance also stopped the registration of the new users which belong to the China country. 

Colin Wu, Chinese crypto blogger, noted that such crypto exchanges, which are providing services to China’s citizens, are under huge pressure. 

Obviously, all the crypto exchanges are under huge pressure to stop the services but at the same time they have to follow their owm rules and guidelines by giving better custody to the funds of their customers, so obviously they are taking their steps more perfectly & precisely, so that they can complete all the formalities & systematic work together.

Read also: Chinese central bank issues warning against all crypto exchanges available for China’s citizens : FUD