Friday, May 20, 2022

Huobi Takes Proactive Measures Before Closing Down Crypto Accounts

The blanket ban imposed on crypto trading activities in China sparked a lot of uncertainties in the industry, therefore, homegrown crypto exchanges like Huobi are taking proactive measures to protect and return existing investments on the mainland. 

Recently, while sharing his views on the matter, Du Jun, the co-founder of Huobi Group, stated that it is their social responsibility to ensure the assets of the crypto exchange’s users are safe.

“Customers will be able to transfer their assets to other exchanges or wallets over the next few months. Specific measures and operating rules will be outlined in future announcements.”

He further mentioned that there is a possibility of a communication gap between exchanges and crypto investors in China, amid the ban. However, the crypto trading platforms are working on different ways to protect the assets of their customers. 

The co-founder of Huobi Group has stated that the crypto exchanges would be helping its customers till the time they are able to move their assets to offshore exchanges or wallets.

Before China imposed a ban on crypto trading activities in the country, the Chinese investors were responsible for over 30 percent of the trading volume of cryptocurrencies. 

But Jun, in his statement, has informed that Huobi has experienced a surge in the adoption of cryptocurrency in the Southeast Asian and European markets.

As Chinese regulatory bodies strengthen their crackdown on crypto-related activities, Jun plans to enhance his company’s efforts of complying with the local regulations.

On Friday, soon after the People’s Bank of China (PBoC) declares crypto trading activities illegal in China, several crypto exchanges in the mainland, including Huobi, decided to not accept any new customer registration on their platforms.

Huobi has recently announced that by December 31, 2021, it will close all Chinese accounts from the mainland on its platform.

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