Crypto Exchange Huobi Has Stopped Offering Services To Chinese Citizens

China has issued a severe crackdown against alternative cryptocurrencies and Bitcoin alike. The country is not willing to let the locals engage in any kind of trading or transactions with crypto at all. Various new orders have been issued not only by the state but also by the regulatory offices and commissions that have banned Chinese people from engaging in crypto-related activities.

The Huobi crypto exchange is an international exchange operating in China; it has also been given clear notice that it can’t serve the local users. China doesn’t have any problem with the international crowd being served by the Huobi crypto exchange, but when it comes to Chinese people, this or any other exchanges are not at liberty to facilitate them in any possible way.

China Bans All Crypto Exchanges From Operating In The Region

Acclimating themselves to these new orders, the Huobi crypto exchange has stopped facilitating Chinese users. The process that is used to verify if someone is by Birth Chinese is to check the Chinese mainland numbers. These numbers appear on their national ID cards. So, entering these numbers within the database will allow the Huobi crypto exchange to know if someone is born in China and, for that reason, has a Chinese nationality or not.

This is not the Huobi crypto exchange that has been ordered a severe halt by the Chinese government, as every other international exchange has been stopped from serving the local crowd. This really tells a fascinating story about China and its hard stance against cryptocurrencies. The firm was founded in 2013 and remained operational all these years, and never had to go through something like this. It seems that times have changed in China is just not willing to go into the future with a crypto-friendly approach. If China is not allowing cryptocurrencies within the region, then what about other crypto-related products; it has halted all other crypto-oriented products, futures bonds, NFT, and so on, so every investment vehicle that revolves around the idea of decentralization is out of context.