Huobi Decided To Stop New Registrations

Huobi, the country's largest cryptocurrency exchange, has decided to stop new registrations after the Central Bank of China's cryptocurrency statements.

The effects of the ban decision from China in the cryptocurrency markets continue to increase. Huobi, China's largest cryptocurrency exchange, reported that it has stopped new registrations after the People's Bank of China declared transactions related to cryptoassets illegal. Huobi blocked Chinese users from signing up to the exchange with their mobile phone numbers. This decision was recorded as the first to prove that the bans were effective.

China Banned Cryptocurrency Transactions

China has stepped up its crackdown on cryptocurrency trading and declared all cryptocurrency transactions “illegal”. In a joint statement made by 10 public institutions, including the People's Bank of China and the Ministry of Public Security, it was emphasized that they would be "tough" to protect citizens from risks regarding cryptocurrencies. In the statement, it was stated that public institutions will work closely to eliminate “speculation” regarding cryptocurrencies, and it was noted that criminal activities such as illegal funding and money laundering with cryptocurrencies should be stopped in the country.  

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China Has Banned All Cryptocurrency Transactions