JAKARTA – Crypto exchange Huobi plans to stop its services for platform users in China. The plan will be carried out starting this month. Television channel CGTN announced that Huobi Global will be shutting down starting at 11:00 Beijing time on December 14 tomorrow.
Huobi said it would officially stop operating the crypto exchange the next day, December 15. The crypto trading company will stop all crypto trading on December 31 at 12:00 p.m.
However, Huobi Global gives its platform users quite a long time to withdraw funds. Users are given up to 2 years to withdraw their money from exchange. In addition, they can still log into Huobi's account.
Apart from Huobi, a number of other crypto exchanges such as Binance and Kucoin will withdraw from China by the end of 2021. The termination of crypto exchanges in China cannot be separated from Beijing's decision to limit crypto transactions and their tough stance on cryptocurrency trading and mining.
China views crypto as potentially damaging to economic and monetary stability. Crypto is also seen as increasing systemic risk, encouraging financial crime and other illegal activities. Therefore, Beijing is trying hard to stem cryptocurrencies and has chosen to create its own Digital Yuan.
"Concerns are growing that highly volatile digital currencies could undermine financial and monetary system stability, increase systemic risk, encourage financial crime and harm investors," the CGTN news report said.
Bitcoin.com News reported in May that Beijing decided to clamp down on the crypto industry following President Xi Jinping's promise to the country to achieve carbon neutrality in the next four decades.
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