What’s new: Cryptocurrency exchange Huobi Global has announced it will terminate almost all transactions for Chinese mainland clients by the end of the year to comply with domestic regulations.
After Dec. 31, the only thing existing mainland clients can do is to log in and withdraw their assets from the platform, Huobi Global said in a statement. The clients will continue to have access to their account for one to two years.
The company has already banned mainland users from opening new accounts.
The context: All of the three major cryptocurrency exchanges, Huobi, Binance and OKEx, have announced their retreat from the mainland market since regulators announced in September that all domestic cryptocurrency transactions are considered illegal financial activity, including services provided by exchanges based offshore.
Chinese mainland residents working for offshore cryptocurrency exchanges and those providing promotional, payment and technical support for the exchanges will be held accountable, according to a notice issued by 10 authorities including China’s top court, the central bank, and the country’s market and cyberspace regulators.
Related: Chinese Cryptocurrency Exchange Huobi Ramps Up Global Expansion Amid Domestic Crackdown
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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