Hubei Exchange blocks the accounts of all its Chinese users
Following the complete ban on digital currency trading in China, Bainance and Huobi exchanges announced that Chinese users will no longer be allowed to create new accounts.
to the Report YouTube, Hubby Digital Currency Exchange, has announced that it will phase out services to all Chinese users by the end of this year, in line with China’s domestic regulations.
Hobby announced in his announcement:
Hobby Global will gradually block the accounts of users residing in China until midnight (local time) on December 31, 2021 (January 10) and ensure the security of users’ assets. We will inform users of the terms and details through official announcements, emails and text messages.
In addition, Hobby rival Bainance has announced that it will no longer allow Chinese users to register at the exchange.
On September 25, Hobby Exchange blocked the possibility of Chinese users creating new accounts.
Colin Wu, a Chinese journalist working in the field of digital currency, said that digital currency exchanges are now under more pressure due to the tightening of restrictions.
China’s central bank recently issued a statement outlawing the provision of services by foreign exchange offices to Chinese users.
Both Bainance and Hobby exchange offices have their roots in China, but the two digital currency giants were forced to move to another country after the government banned foreign transactions in 2017. Chinese traders have long had access to foreign exchanges with the help of VPN services.
Increased Chinese efforts to impose more restrictions on the digital currency industry have put significant sales pressure on Tetra, the world’s largest stable coin.
On September 25 (October 3), Tetra trading on the Hubei OTC market began with a 10% decline against the yuan (Chinese currency).