Huobi Global Temporarily Suspends its Services within China for the New Customers

Huobi Global is feeling the heat of the extended crackdown of China over the crypto industry and has temporarily suspended its services for the new customers in China to restrain from intensifying the prevailed chaotic situation. On the 23rd of May, 2021, the officials of Huobi Global, known to be the world’s leading cryptocurrency exchange has affirmed Reuters about suspending their service in China for the new customers due to the prevailing chaotic situation generated due to the extended crackdown of China over the cryptocurrencies. Moreover, it was made clear that the firm has halted the crypto mining machines as well to avoid any further complexities.

Last week of the following month, heat generated in China due to revised policies related to the crackdown of cryptocurrencies in China resulted in the adverse crash of the crypto market. Due to the crackdown, Chinese regulators called for squeezing out the Bitcoin (BTC) trading and mining as well, which resulted in a significant fall down of Bitcoin price. On the other hand, last week BTC.TOP–known to be the world’s leading one-stop mining platform based in China also suspended its operation in China. Moreover, Jiang Zhuoer, the founder of BTC.TOP also disclosed that by doing so, China is expected to lose the Bitcoin mining power to foreign markets, mainly the United States.

For the record, Huobi was founded in 2013 and was functioning from China but moved its operations to Singapore, Hong Kong, and few other countries along with South Korea after 2017 when China banned the cryptocurrency exchanges. Despite the imposed ban on crypto exchanges, Huobi managed to deal with a large number of clients based in China while operating them out of the state. And, now, the extended and revised policies related to the Chinese ban over the crypto industry adversely affected the cryptocurrencies resulting in the fall of the trading volume and price value of the cryptocurrencies affecting Bitcoin (BTC) at large and other altcoins as well.

Such a chaotic scenario has jolted the crypto market by a sudden fall down that is affecting the global crypto market for the last couple of weeks and virtual assets losing value even on 14th consecutive days. Keeping such conditions in view, Huobi decided to halt its services in China for now to avoid any further chaos and crash of crypto assets.

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