Chinese crypto exchange closes accounts

China’s largest cryptocurrency exchange Huboi took action after China’s cryptocurrency decision. This decision is expected to affect other cryptocurrency exchanges as well.

Huobi announced that it will close the accounts of Chinese users by the end of the year.

The cryptocurrency exchange made its first move after the ban decision from China by stopping new user registrations.

Other exchanges can do the same.
It is reported that other major cryptocurrency exchanges such as Binance and OKEx are expected to make similar decisions.

China stepped up the pressure on cryptocurrency trading on Friday, declaring all transactions ‘illegal’. The statement pointed to May to end cryptocurrency mining and trading.