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Cryptocurrency exchange Huobi discontinues its services for Chinese users

Cryptocurrency exchange Huobi discontinues its services for Chinese users

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Answer Cryptocurrency exchange Huobi discontinues its services for Chinese users

Cryptocurrency exchange Huobi Global, one of the largest used by Chinese, has become the first crypto exchange to announce the termination of its services in China.

The announcement comes on the heels of China’s recent decision to crack down on cryptocurrency trading activity.

Huobi has shut down new registrations using Chinese mobile phone numbers.

While the new registrations are still available to “Hong Kong” users.

Earlier in June this year, Huobi banned Chinese users from the crypto derivatives trading market during the last crackdown cycle in May and June.

The People’s Bank of China has released detailed evidence about its recent crackdown on cryptocurrency and has deemed all crypto transactions illegal.

Read:The Dubai Financial Services Authority announces a framework governing investment in digital tokens

The regulatory documents, which are the first of their kind, provide detailed instructions on how to prevent mining activities and cryptocurrency trading in China.

Besides, China’s central bank has also warned cryptocurrency exchanges not to offer any of their services within China.

Although, China’s ban on cryptocurrency is nothing new and has become a benchmark for potential bullish cycles.

Whether it was in 2017 or now.

While some Chinese insiders see the current set of guidelines as something they have never seen before, as it includes 9 other major institutions including the Supreme Court.

Other popular cryptocurrency exchanges like OKEx and even Binance are expected to make similar announcements blocking their services to Chinese users.

The crypto market has become more resilient against the Chinese “FUD”:

China’s decisions that sow doubt and uncertainty (FUD) have often resulted in a massive sell-off in the cryptocurrency market in every bullish cycle.

It is also believed that the recent market chaos in May which saw nearly $500 billion wiped out from the cryptocurrency market was caused by a reminder of the cryptocurrency ban in China.

Read:Binance Founder: We will support the buying and selling of cryptocurrencies for 180 local coins

Now, it appears that the cryptocurrency market has become more resilient against uncertainty and uncertainty (FUD) as cryptocurrency prices have seen a slight correction when compared to the previous sell-off.

Trading data from cryptocurrency analyst Santiment shows that despite a sharp correction of nearly 5% in the wake of the news, traders took the opportunity to buy the dip.

Read also:

The Pyth Project team explains the reason for the rapid decline in the price of Bitcoin on September 20

Here are five important facts about the cryptocurrency ban in China


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