China’s largest crypto exchange suspends registration of new users with mainland Chinese citizenship
- Huobi Responds to New Chinese Crypto Ban
- Cobo Wallet moves to Singapore with $40 million in new funds
Chinese crypto journalist Colin Wu wrote on Twitter that Huobi, the largest cryptocurrency exchange in China, has temporarily halted opening accounts for new users in mainland China due to a fresh escalation of regulatory pressure in the country.
Exclusive: Huobi, the largest exchange in the Chinese region, has suspended registration of all new users in mainland China. pic.twitter.com/mkbMQPoXz3
– Wu Blockchain September 25, 2021
Huobi Responds to New Chinese Crypto Ban
8BTC News Agency, which covers crypto news about China, also tweeted that mainland China has been removed from the country/region selection list for Huobi APP registration. Taiwan and Hong Kong still survive though.
According to Wublockchain, the choice of country/region for Huobi APP registration has led to the deletion of mainland China, while Taiwan and Hong Kong are still maintained.
– 8BTCnews (@btcinchina) September 25, 2021
Wu goes on to say that, in his opinion, the country’s new tough regulatory policy towards cryptocurrency is likely to force crypto exchanges and other crypto-related businesses to move to Singapore and bitcoin miners to leave the country as well. Wu described the United States as one of the targeted locations where crypto miners are likely to relocate from China.
The reason for this, he says, is that the United States has plenty of capital and electricity for miners. As for Singapore, its authorities are crypto-friendly and have a similar culture to China.
Cobo Wallet moves to Singapore with $40 million in new funds
Leading cryptocurrency wallet Cobo has moved its headquarters from Beijing to Singapore after raising $40 million in a Series B funding round. The company plans to launch Decentralized Finance as a Service (DFaaS) with this money.
Kobo, which has just completed a $40 million financing, has announced the relocation of its headquarters from Beijing to Singapore. In fact, almost all Chinese crypto institutions are relocating their headquarters to Singapore.
– Wu Blockchain September 24, 2021
Wu commented that the majority of Chinese crypto firms are moving their headquarters to Singapore from China now, following the new regulatory move from the authorities.