China’s ban on all cryptocurrencies is perhaps is the single biggest setback for cryptocurrencies in the world. As a consequence of the nationwide ban, many Chinese crypto startups and firms have relocated to other countries. Huobi Global is among the last few Chinese cryptocurrency firms to leave the country.
In an official statement in a Chinese media outlet called CGTN, Huobi Global said that they will stop serving customers in mainland China starting 14th December 2021. However, Huobi added that customers will have the option of logging into their accounts and selling their assets for at least two years from now.
Apart from Huobi Global, Binance and Kucoin are also all set to leave China permanently. Chinese crypto firms are taking such bold decisions following a fresh round of operations by the authorities to exterminate cryptocurrency operations in the country.
In the past, the most significant exit from China has been from crypto mining equipment manufacturer Mainnet. Mainnet decided to leave China in October this year after Chinese authorities made it clear that crypto mining will come to a total halt in the country.
China has a long history of anti-crypto moves. Back in 2017, the government had banned token sales and coin trading. A fresh round of regulatory pressure started in May 2021. It was a landmark event for the global cryptocurrency community, but Bitcoin and other cryptocurrencies have since recovered. With Huobi Global leaving China, the country is awaiting total crypto extermination soon.