Amid Stern Warnings from China Crypto Firms Huobi and Okex Halt a Few Services
On Friday, the cryptocurrency community discussed a report stemming from China’s 51st meeting of the Central Financial and Economic Affairs Commission that reiterated warnings about bitcoin mining. The following Sunday, reports disclosed the cryptocurrency operation Huobi has suspended its cloud-mining operations and other crypto services to customers in mainland China. Rumors of China and Bitcoin’s Uneasy Relationship Continue It was said on many occasions in 2017 that bitcoin (BTC) was resilient to negative news from China, after the tumultuous year of bad news from China....
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Following some stern warnings from a few major trade associations and regulators in China, two prominent exchanges, Huobi and Okex, have stopped offering services to Chinese residents. After the two exchanges halted specific services to residents of mainland China, two bitcoin mining operations have also abandoned the country on Monday. Btc.top and Hashcow have suspended services over “regulatory risks.” Crypto Firms Are Abandoning China Two mining operations have revealed specific services have been suspended for residents living in mainland China. The news follows the recent....
China’s ongoing crackdown on cryptocurrencies has forced Huobi exchange to halt derivatives trading services to users in China. As per an updated User Agreement from the Seychelles-based exchange, China is now on the list of prohibited jurisdictions for derivatives trading. Crypto users in the country can still access the exchange for spot trading. Huobi Ban […]
Huobi's move follows a similar decision by crypto exchange OKEx, which resolved to dissolve its China-based entity in late June. Stakeholders in the Chinese firm that was founded to operate cryptocurrency exchange Huobi have resolved to dissolve the entity, according to publicly available records.The firm, Beijing Huobi Tianxia Network Technology Ltd., was established in late 2013 and is 70.52% owned by Li Lin, the founder and CEO of Huobi Group. It has 10 million yuan ($1 million) in registered capital and a total of five subsidiaries. Having passed the resolution in favor of dissolution....
Someone is pouring Bitcoin to OKEx despite the exchange having suspended withdrawals. Large Bitcoin (BTC) transactions from Huobi cryptocurrency exchange are moving to OKEx despite the latter having temporarily suspended crypto withdrawals.According to data from crypto tracking service Whale Alert, a total of 1,995 BTC ($22.5 million) was sent from Huobi to OKEx shortly after OKEx officially announced it was suspending withdrawals on Oct. 16.The funds were transferred in two separate BTC transactions worth 998 BTC ($11.3 million) and 997 BTC ($11.3 million) at 3:51 a.m. EST and 06:22 a.m.....
All Huobi clients in Singapore should close active positions and withdraw their digital assets before March 31, 2022. Huobi Global, one of the world’s largest cryptocurrency exchanges by trading volumes, is winding down operations in Singapore shortly after exiting China.Huobi will shut down accounts of all Singapore-based users by the end of March next year, the company officially announced late Tuesday.All Huobi clients based in Singapore should close active positions and withdraw their digital assets before March 31, 2022, Huobi said. The exchange will also gradually halt access to....