Huobi will expel mainland users? Binance stops mainland user registration?

On September 26, the official website of Huobi Global announced: “In response to local government regulatory policy requirements, Huobi Global has stopped new transactions in mainland China on September 24, 2021 (UTC 8). User registration. For existing users whose identities are authenticated in mainland China, it is planned to complete the orderly withdrawal under the premise of ensuring the security of user assets before 24:00 on December 31, 2021 (UTC 8). The specific withdrawal details will be Users will be notified through announcements, emails, site letters and text messages. ”

According to WhaleAlert data, nearly 22,000 Bitcoins (approximately US$910 million) were transferred out of Huobi in the past hour. Analysts said that the transfer was from Huobi’s cold wallet to the hot wallet, and the suspected purpose was to cope with the wave of currency withdrawals caused by the withdrawal of mainland users.

On the same day, it was revealed that Binance, the world’s largest cryptocurrency exchange, has stopped registration in mainland China. When registering a Binance account, if you choose a phone number with the 86 area code in mainland China, you will not be able to complete the registration. China currently retains Taiwan, Hong Kong and Macau. It is reported that after May 19, Binance stopped mobile phone registration in mainland China, and then reopened registration accounts with mobile phone numbers in mainland China on August 16.

On September 24, the People's Bank of China issued the "Notice on Further Preventing and Dealing with Speculation Risks in Virtual Currency Transactions." The person in charge of the People's Bank of China said in response to a reporter's question that the "Notice" clearly stated that virtual currency exchange, as Virtual currency-related businesses such as central counterparties buying and selling virtual currencies, providing matching services for virtual currency transactions, token issuance financing, and virtual currency derivatives transactions are all illegal financial activities and are strictly prohibited and resolutely banned in accordance with the law; overseas virtual currency exchanges pass The provision of Internet services to residents in my country is also an illegal financial activity.

Binance and Huobi Global are both cryptocurrency exchanges with the largest trading volume in the world. After the announcement of the People’s Bank of China notice, they began to adjust their businesses to cope with the supervision of mainland China, and some small and medium-sized platforms directly chose Cease operations.

This series of actions by the two major exchanges Huobi and Binance has greatly shocked the currency market. Let us talk about the possible changes in the currency market in the future from a development perspective. .

In the short term, these moves have no impact or are even good news. They are bad news and the currency circle is completely separated from the Chinese market. In the medium term, it depends on whether people are arrested. Not arresting people = no policy, which is good news. In the long run, it will be bad for the digital currency market. There is no country in the world, or in the future, there will be no better substitute for leeks than the Chinese.

And the overall funds in the currency circle are decreasing, but as long as 1USDT=1USD, it will always attract investment from Leeks.

There is no need to panic. After all, Huobi also withdrew from the Chinese market in 2017, and there is no need to worry about the Huobi trading platform running away. In short, the currency world is always changing rapidly, so just stick to your heart.