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China has declared that cryptocurrency trading is an illegal activity. Following numerous announcements regarding this, crypto exchanges operating in the country have been forced to refrain from offering such products and most, if not all, are shutting down their operations in the country.
Huobi is the largest cryptocurrency exchange in China, but the crypto ban has now forced it to shut down crypto futures and derivatives trading.
Huobi Shutting Down Crypto Operations
Huobi is not only a leading crypto exchange in China but also globally. It has now announced it is shutting down futures and derivatives trading. The exchange also announced that it would be gradually shutting its operations in China, with all China accounts being blocked from the platform from December 31, 2021.
Huobi was the leading exchange in China, as that what where it was founded. However, it later diversified its operations, and it now has offices in Japan, South Korea and the US. It was among the first exchanges to start shutting down operations in China following a looming cryptocurrency ban.
Earlier this month, the co-founder of Huobi, Du Jun, stated that “In the past, we had been communicating with regulators to see if there are still ways to legally operate in China. But this time, there’s no room for discussion. Our strategy is all about going global now.”
Despite the China ban, Huobi continues to expand to overseas locations. The exchange recently announced that it had received approval for Huobi Japan to offer trading, underwriting, and managing cryptocurrency derivatives in Japan.
Other Exchanges Shut Down Japan Operations
Huobi is not the only exchange that is shutting down its operations in China. Binance, the largest exchange platform, announced that it had halted the registration of new users from China on the Binance exchange. The exchange further stated that existing users would be phased out of the platform by year-end.
BitMart is also another exchange that stated it would clear out users from mainland China from the platform by the end of next month. Crypto tracking platforms such as Tradingview, CoinGecko and CoinMarketCap have also been blocked from operating in China.
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