The uncertainty caused by China’s blanket ban on crypto trading has slowed as home-ground crypto exchanges like Howie have taken proactive steps to protect and repay existing investments on the mainland.
Speaking to Cointelegraph about this, Du Jun, co-founder of Hubi Group, said the crypto exchange seeks to ensure the security of users’ assets as part of its social responsibility:
“Customers will be able to transfer their assets to another exchange or wallet in the next few months. Future announcements will outline specific measures and management rules. ”
Citing the possibility of communication gaps with Chinese investors in the ban, Crypto Exchange is also working on other ways to protect customers’ assets until users can transfer them to an offshore exchange or wallet.
Prior to the crypto ban, Chinese investors accounted for more than 0% in terms of trading volume, but as of June’s suggestion, Hubby has received increased acceptance in Southeast Asian and European markets. However, the exchange expects that “any short-term impact on hubby revenue will diminish as our global business continues to grow.”
While monitoring the crypto trade and mining restrictions imposed by the People’s Bank of China and other Chinese regulatory authorities, Jun Hubei plans to redouble its compliance efforts and continue compliant activities worldwide.
Crypto exchanges in mainland China, including Hubei, began closing new customer registrations shortly after the new crypto ban took effect on September 24. Hubei later announced that all Chinese accounts from mainland would be closed 24:00 UTC + 8 December. 31, 2021.
Related: Crypto has recovered a dozen times from the Chinese FUD in the last 12 years
Bit Historically, China has been responsible for the lion’s share of bitcoin (BTC) mining. In the absence of support from the ruling government, Chinese miners are illegally moving into crypto-friendly jurisdictions.
According to a recent Cointelegraph report, the latest ban marks the 19th attempt by Chinese regulators to crack down on bitcoin and cryptocurrency in the past 12 years. Although the decision to ban crypto trading in China has caused some unsuspecting investors to panic for a while, the price of Bitcoin is showing a bullish signal due to the active support of crypto exchanges and users around the world.