Home Business The Chinese Communist Party’s supervision once again cracks down on the virtual currency “Huobi.” Announces the process of withdrawing from the Chinese market | Cryptocurrency | Epoch Times

The Chinese Communist Party’s supervision once again cracks down on the virtual currency “Huobi.” Announces the process of withdrawing from the Chinese market | Cryptocurrency | Epoch Times

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[Epoch Times October 03, 2021](The Epoch Times reporter Junlin Hou reported) Recently, after the CCP completely banned cryptocurrency transactions, the Chinese Bitcoin trading platform “Huobi.com” has announced the suspension of new user registration in China, according to a media report on the 3rd. , Huobi once again announced on its official website the process of exiting the Chinese market, including the prohibition of Chinese user transactions on December 15 and the delisting of over-the-counter (OTC) renminbi (CNY) transactions on December 31.

According to comprehensive media reports, Huobi.com has announced the specific content of the withdrawal process from the Chinese market. The platform will close the value-added function for Chinese users on December 14 this year, ban Chinese users from trading on December 15 and delist them on December 31 OTC’s CNY transaction, etc.

Huobi Group announced on the official website that Chinese users who have opened Huobi Global accounts can still log in to the platform, but can only view personal information to apply for withdrawal of personal assets, and cannot conduct any transactions; Chinese users’ withdrawals The function will continue to be reserved for 1 to 2 years, and the specific time when the function is closed will be notified separately.

On September 24, the People’s Bank of China issued the “Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Speculation”, clearly declaring that all virtual currency-related businesses are illegal financial activities. This action caused the Hong Kong Stock Exchange’s virtual currency-related stocks to plunge.

In response to the regulatory requirements of the local government, Huobi announced in late September that it had stopped new user registration in China on September 24. It plans to verify the identity of existing users in China and plan to ensure the security of user assets before the end of this year. Complete the “Orderly Clearance and Retreat”.

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Regarding the recent CCP’s frequent suppression of cryptocurrencies, Bitmain co-founder Wu Jihan said that the Chinese authorities’ supervision of the Canadian currency currency field is an inevitable problem at this stage. He also pointed out that Chinese retail investors are expected to disappear quickly in a short period of time, leaving only high-asset customers in the cryptocurrency market.

Editor in charge: Yuzhen#

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