Huobi China Exit Plan: Here’s When the Crypto Exchange Would Shut its Door

Published by
Huobi China Exit Plan: Here’s When the Crypto Exchange Would Shut its Door

Huobi, one of the largest crypto exchanges serving Chinese customers has decided to shut its door on mainland China customers after the recent crackdown guidelines from the People’s Bank of China. The latest crypto ban guidelines prohibit foreign crypto exchanges from offering any services in the country and also threatened local firms from offering any help to these foreign crypto platforms.

Huobi announced it would shut all spot trading services by December 15 while all deposit functions will be disabled by December 14. The CNY deposits will be shut down by December 31st. This makes Huobi the first major crypto exchange to eliminate the Chinese user base.

The Chinese Central Bank last week issued a new set of crypto crackdown guidelines which many called the sternest one till now. The new guidelines instructed authorities to shut all existing crypto mining operations. It also deemed all crypto-related transactions illegal.

Advertisement

Will Other Crypto Exchanges Follow Huobi’s Lead?

Most of the foreign crypto exchanges serving the Chinese customers started disabling new customer registration including OKEx, Huobi, and Binance. However, none of these crypto exchanges have announced a complete shutdown like Huobi.

During the May-June crackdown phase, most of the foreign exchanges disabled their crypto derivatives offerings in the market owing to the regulatory crackdown. However, this time around even though it’s the 19th time that the Chinese government has banned crypto, market insiders beleive this time around it’s different because the ban originated from the current power crisis in China.

The crypto market unlike May-June was not impacted by the crypto ban and only registered a correction of about 5% and has bounced back in double digits with the start of October. The impact of the Chinese ban on the crypto market is slowly gaining and the crypto market has become more resistant to such market FUDs.

Share
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub

Michael Saylor highlighted Strategy’s outperformance after the company was excluded from the S&P 500. The…

September 6, 2025
  • 24/7 Cryptocurrency News

Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair

U.S. President Donald Trump has revealed his shortlist of candidates who could potentially replace Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun responded to World Liberty Financial freezing his wallet by promising to purchase $20…

September 6, 2025