Huobi Group outlines exit plan for Chinese investors

Huobi Group has outlined plans for protecting Chinese investors' assets before discontinuing support on December 31, 2021.

The news comes in the wake of a blanket ban China has imposed on all crypto operations, which has had wide-spread consequences for crypto trading platforms and all associated operations.

Huobi, while compliant with the regulation, will focus on consumer asset safety and ensure that customers have the opportunity to move their assets to other wallets or exchanges.

Speaking to Coin Telegraph, Huobi Group co-founder 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.”

Huobi is slightly concerned with the time window it can guarantee investors, but it doesn't intend to use the December 31, 2021 date as a complete cut-off, as it acknowledges that some consumers may still fall behind in cashing out their holdings to a whitelisted jurisdiction instead. Additional measures are being worked on, Huobi explained, to avoid a “left-behind” scenario.

While Huobi will suffer from the lack of Chinese operations, the exchange is also seeing a notable increase in activity from Southeast Asia and Europe.

Huobi is presently taking no new customers while having reached an agreement with mainland authorities that it will discontinue all crypto operations in the country and shut down its products at the beginning of 2022.

In the meantime, you can still use your crypto to play at spot-on crypto casinos, such as Bitcasino.io, 1xBit and FortuneJack.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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