According to Insider Colin Wu, Huobi and two other exchanges are seeing massive Bitcoin inflows, while other major exchanges are getting huge BTC deposits.
- Chinese ban prompts users to withdraw BTC from Huobi
- Huobi and Binance Drop Mainland China Users
Chinese journalist and blogger Colin Wu, who covers everything related to blockchain and cryptocurrency in China and around the world, shared recent data, saying that nearly 14,000 bitcoins have been overtaken by China’s largest trading platform (Huobi) and another, smaller cryptocurrency exchange.
Meanwhile, major digital exchanges Binance, Coinbase, and Bitfinex are seeing massive inflows of Bitcoin.
Chinese ban prompts users to withdraw BTC from Huobi
Colin Wu tweeted that under pressure from the recent Chinese crypto ban, users started taking their bitcoins away from Huobi after the platform announced that it would drop all of its existing customers in mainland China.
Citing the viewbase analytics site, Wu tweeted that Huobi has seen withdrawals totaling 13,903 Bitcoins. Aside from Huobi, cryptocurrency exchanges like Okex and Gate.io are also seeing BTC outflows, albeit smaller – users have withdrawn 5,872 from Okex and 95 BTC from Gate.io.
According to the tweet and screenshot shared by Wu, other major exchanges, namely Binance, Bitfinex and the largest US-based crypto platform Coinbase, are seeing massive inflows of Bitcoin.
Wu says that just over 7,000 BTC has been deposited on Binance, nearly 5,000 BTC has gone to Bitfinex and 122 Bitcoins have been transferred to Coinbase.
According to viewbase, under the influence of Chinese supervision, the inflow and outflow of bitcoin has changed dramatically in the past month: Binance (+7,043 BTC), Bitfinex (+4,870 BTC), Coinbase (+122 BTC); Huobi (-13,903 BTC), Ou Yi (-5,872 BTC), Gateio (-95 BTC). pic.twitter.com/e7vufmHl2j
– Wu Blockchain October 4, 2021
In the comment thread below the post, a Twitter user suggested that Bitcoins have been withdrawn from Huobi and the other two exchanges will be transferred to Binance.
Huobi and Binance Drop Mainland China Users
As previously reported by U.Today, Huobi announced that it will no longer offer its services to crypto traders and investors in mainland China after it suspended the creation of new accounts in that region.
Binance has so far stopped accepting new users from this region as well. However, many local exchanges have been forced out of business or relocated to other jurisdictions as a result of the recent ban imposed by the Chinese government. The ban covers both cryptocurrency trading and mining again.
Apart from Binance and Huobi, the exchange CoinEx has also stopped working with new Chinese users, and Renrenbit (which belongs to Chinese “OTC king” Zhao Dong) has also halted operations just as evident from Colin Wu’s previous tweets.