China’s largest Bitcoin Exchange Huobi has implemented a measure to stop mainland Chinese residents from registering on its platform by preventing the addition of accounts with Chinese mainland phone numbers, to comply with recent Chinese crackdown on crypto.
Huobi to prevent registration of new Chinese accounts
Huobi Global, often regarded as one of the “big three” in the global cryptocurrency exchange space, together with Binance and OKEx, has sought to comply with new regulations which have recently come into effect in China. The firm, founded in 2013 by Leon Li in Beijing, is now preventing registration of new accounts on its exchange that make use of Chinese mainland phone numbers. Onboarding of new users has not been halted in Hong Kong, however.
There is no indication that Chinese users are barred from Huobi entirely. This is not Huobi’s first run-in with Chinese authorities; it comes after the Chinese government in 2017 banned the hosting of trades between cryptocurrencies and fiat money, to which Huobi responded by disallowing withdrawals from its exchange. In June 2021, Huobi banned Chinese users from trading riskier derivative-type products, in response to a crackdown by the Chinese cabinet. In July 2021, Huobi dissolved its Beijing entity.