News
Binance is taking more measures to comply with China’s cryptocurrency crackdown with new restrictions in the mainland.
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Huobi News
Huobi is a Chinese web-platform for cryptocurrency exchange and the second largest in the country. It was founded by Leon Li in 2013. Huobi has gained popularity following the closure of BTCC. All popular fiat and cryptocurrencies are available, but the main pair here is BTC/CNY. The official website has 10 languages. The average amount of trading per day reaches 127,000 BTC, which makes the Huobi exchange the third largest in the crypto industry. Recently, it was announced that Huobi will be issuing their own token developed by the company’s programmers as an extra tool for paying Huobi fees and to make transactions easier, faster and more convenient. The Huobi coin can be bought only on the platform for BTC, BTH, ETH, ETC, LTC and USDT.
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Huobi's move follows a similar decision by crypto exchange OKEx, which resolved to dissolve its China-based entity in late June.
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Transaction fees can be expensive on decentralized exchanges — but this platform says it allows payments to be completed with minimal costs thanks to a dual mining mechanism.
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The exchange's decision aligns squarely with Beijing's ongoing and multi-pronged crackdown on the country's cryptocurrency investors in its attempt to prevent both capital outflows and volatility in the crypto sector.
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Chinese users will no longer be able to trade crypto derivatives on the Huobi exchange amid a broader cryptocurrency crackdown from the government.
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Chinese journalist Colin Wu speculated that the move from the crypto exchange would likely drive users to Binance for higher leveraged trades.
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