After China’s crackdown on cryptocurrency exchanges, Huobi’s co-founder Du Jun has assured to protect investments from Chinese investors. Huobi has confirmed that they would be closing accounts of Chinese investors and traders by the end of 2021.
The market has been under pressure since China announced a complete ban on cryptocurrencies. In the wake of China’s crackdown, Huobi has announced a separate set of measures for investors that belong to mainland China. While investors are in a panic, Huobi co-founder has come up with an announcement.
In his interview with Cointelegraph, Du Jun said: “Customers will be able to transfer their assets to other exchanges or wallets over the next few months. Specific measures and operating rules will be outlined in future announcements.”
Jun has confirmed his commitment to protecting the interest of Chinese investors. The exchange has also said that they are planning to move the digital assets of crypto investors and traders to wallets outside the country.
Huobi is one of the most prominent cryptocurrency exchanges with a significant number of investors coming from mainland China. They contribute to about 30% of the total crypto trade on the platform. Huobi has also confirmed that they would be able to mitigate “any short-term impact on Huobi revenues as their global business continues to grow.”
China took a hard-handed approach against cryptocurrency and trading platforms. Last week, China made it completely illegal to invest or trade in cryptocurrencies. China’s Central Bank has said that cryptocurrencies are a threat to the conventional financial systems.
