Huobi has stopped serving Chinese users.

Huobi, one of the largest cryptocurrency exchanges in the world, announced on Sunday, September 26, 2021, that it has stopped serving users based in China.

Something profound is happening in China, its economy, and the management of cryptocurrencies.

"Huobi Global will gradually withdraw the existing user accounts of mainland China by 24:00 (UTC + 8) on December 31, 2021, and will ensure the security of users' assets," it said in an official statement. "We will inform users about the specific settings and details through official announcements, e-mails, text messages, etc."

Huobi had already suspended new registrations for mainland China following the announcement by the People's Bank of China on Friday that it had outlawed all cryptocurrency-related businesses and banned foreign transactions serving users based in China.

Huobi fell below $ 6 on the major stock exchanges early Sunday, reaching its lowest since January 30. The cryptocurrency changes hands close to $ 7.40, representing a drop of 18% per day, according to TradingView.

Its price has halved in just the last seven days and has lost 80% of its value since China renewed its cryptocurrency trading and mining crackdown in mid-May.

Bitcoin, the leader in the cryptocurrency market, has stabilized since falling to $ 40,700 on Friday following China's announcements.

Bitcoin's resilience may indicate investor confidence that China's stricter stance will not affect the thriving cryptocurrency industry.

 Analysts told CoinDesk on Friday that sales pressure across the market coming from China News would be temporary in the worst case. We read it first: Coindesk.

It is recalled that Evergande has already missed the September 23, 2021, deadline to pay $ 83.5 million for a $ 2 billion bond that expired last March.

This article is for informational purposes only and does not replace specialized consulting services with professional experts.

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