Du Jun, the co-founder of Huobi Group, has plans to shield all crypto assets for Chinese users. This, even as they gear for a complete shutdown on 31 December 2021. Fear caused by China’s blanket ban on trading in cryptocurrency is subsiding. Domestic exchanges such as Huobi aggressively pursue protection. Furthermore, they focus on refunding existing funds within mainland borders.
“Customers will be able to transfer their assets to other exchanges or wallets over the next few months. Specific measures and operating rules will come in future announcements.”
Huobi is working to ensure their customers’ assets remain safe
Huobi is working to ensure their customers’ assets remain safe and accessible despite the recent order imposed. The company has found a way of protecting user accounts even if they cannot connect them with mainland exchanges.
Before the crypto ban, Chinese investors accounted for more than 30% of trading volumes. But, Jun has seen increased adoption in Southeast Asian and European markets. Huobi experienced huge success due to its inclusive approach towards new users by offering bonuses.
Yet, the exchange expects “any short-term impact on Huobi revenues will ease, as our global business continues to grow.”
In light of the recent regulatory moves by China’s People’s Bank and other Chinese agencies, Jun plans to double down on Huobi’s compliance efforts. He also announced his commitment to global expansion. This, as an effort towards compliant global operations. Jun aims for everyone to enjoy cryptocurrency trading freely around the world.
China’s strict crypto exchange ban has had a huge effect on the industry. Major exchanges like Huobi began shutting down new customer registrations in mainland China. Huobi later announced that all Chinese accounts from the mainland would close down by 24:00 UTC+8 on 31 December 2021.
Though China used to be the country of Bitcoin mining, it has seen a shift in recent years. Most Chinese miners are leaving due lack of support from their government. Several settle in crypto-friendly jurisdictions such as Singapore and Hong Kong.
China Ban on Bitcoin
The Chinese government has been trying to ban Bitcoin for a while now. They’ve had 18 other attempts at it, with this being their 19th time. There have only been two successful ones in all those years: 2008-2011 and 2014-2017.
But, this takes it up a notch by targeting crypto exchanges instead of forbidding.
The recent ban on crypto trading in China is causing some unwary investors to panic-sell. Yet, the price of Bitcoin continues to show bullish signals. Due to its proactive support from crypto exchanges and users across the globe.