Cryptocurrency exchange Huobi to clean up existing mainland clients by end-2021

Huobi Global will conduct an orderly exit of its existing mainland clients

  
Image used for illustrative purpose. A small toy figurine is seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019.

Image used for illustrative purpose. A small toy figurine is seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019.

REUTERS/Dado Ruvic

BEIJING - Chinese cryptocurrency exchange Huobi Global said on Sunday it had stopped taking new mainland customers from Friday and would end contracts with mainland clients by the end of the year to comply with local regulations.

China's regulators intensified a crackdown on Friday, banning cryptocurrency transactions and mining, clarifying that overseas exchanges are barred from providing services to mainland investors via the internet.

Huobi Global said in a statement it will conduct an orderly exit of its existing mainland clients on the premise that safety of their assets is guaranteed.

(Reporting by Cheng Leng, Samuel Shen and Ryan Woo; Editing by William Mallard) ((cheng.leng@thomsonreuters.com; +8610-5669-2129;))


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