After the NBK banned transactions with cryptoassets, the Huobi Global exchange is curtailing its activities in China and withdrawing client funds from the regulator’s sanctions.
After the National Bank of China banned legal entities registered in the country from all activities related to crypto assets, the Huobi Global exchange had to restrict all operations on the platform to the citizens of mainland China. Huobi said it has stopped accepting new customers from the mainland as of Friday, September 24, 2021, and will complete contracts with customers by the end of the year as required by the regulator. As a result, Huobi Global withdrew all its funds from China, more than $ 6 billion in BTC and ETH.
Huobi Pool, the eighth largest BTC pool, has moved nearly 100,000 BTC, or $ 4.21 billion, according to research firm IntoTheBlock. Since December 18, 2017, this is the largest one-time transfer of funds ever made by Huobi Global.
The recent China regulation resulted in the eighth biggest #Bitcoin pool, Huobi pool, moving a large amount of their funds
Almost 100k $ BTC ($4.21b) flowing out from miners, the largest since Dec 18, 2017 ‼ Could it be to cover the client withdrawals needs on their exchange? pic.twitter.com/OeaH5o6cf7
— IntoTheBlock (@intotheblock) September 28, 2021
The broadcast transfers were also recorded at the same time. About 800,000 ETH ($ 2.29 billion) were moved from Huobi to unknown wallets. According to Etherscan, transactions were made from several wallets in batches of 100,000 ETH.
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