Will the exchange cancel all Chinese users?

[DdmrDdmr]

Although the media are mainly talking about Huobi affecting the intent of creating new accounts on behalf of mainland China, the official information release states that existing likewise accounts will be terminates by end of 2021.

The statement also references 24/09/2021 as the date when mainland China new accounts were no longer allowed to be created, so either this part has been dormant to the media for a couple of days, or there is a date error in the statement.

To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China, effective September 24, 2021 (UTC+8).
 
Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users' assets. We will inform users of the specific arrangements and details through official announcements, e-mails, text messages, etc.
 
Huobi Global has always been dedicated to offering digital asset trading services and ensuring the safety of customer assets, while following all applicable laws. We apologize for any inconvenience caused and thank you for your understanding and support!
 
Huobi Global
September 26, 2021

see: https://www.huobi.com/support/en-us/detail/54886961978434

[dupee419]

You know, there are several ways to bypass these Chinese bans on Crypto currencies. There are millions of Chinese citizens with family and friends that are working or living in other countries where Bitcoin is legal. They will simply do direct Bitcoin transfers to these people and then ask them to push the coins through "legal" exchanges in other countries.

One thing about Chinese citizens is this.... "They know how to circumvent restrictions from their government" ..... and they are clever enough to get away with it. ( I know several Chinese people that are working in my country and they are very clever )  

If this is true, then the news about the Chinese government and about the ban is not a big deal to the actual Chinese citizens than it is to us, knowing on how big of an impact it will show to the market, if this is true that there's still a way to bypass the restrictions without them getting caught, then it's actually good news for them.

[taufik123]

Many FUDs are always sourced from China. this is not the first time about bitcoin ban.
China makes speculations about a ban, but will then reconsider.
After the china FUD expires bitcoin will recover and won't need china anymore.

The big exchanges grew out of China, Hobi, Kucoin and Binance came from China, and they don't even accept Chinese residents anymore due to the government banning bitcoin.
It's just a matter of time, and bitcoin won't be affected by china.

[The Sceptical Chymist]

Wow it's good news, China always create FUDs about Bitcoin that's not good for Bitcoin space. There's a chance Binance and Okcoin will do same since both of them founded in China even the headquarters isn't in China anymore.

Eh?  Don't understand what you're getting at with the bolded part of your post above.  I'm not sure about Okcoin, since I know nothing about them, but Binance operates globally so I don't think they're in danger of going out of business.  As mentioned in a previous post, they can just restrict users who live in countries/areas where trading crypto is banned.  I'm in the US and can't use Binance since my state is on their restricted list, just FYI.

One thing about Chinese citizens is this.... "They know how to circumvent restrictions from their government" ..... and they are clever enough to get away with it. ( I know several Chinese people that are working in my country and they are very clever ) 

That's good to know, and I hope the penalties for circumventing the laws aren't severe in the case that any of them are prosecuted.  I haven't heard anything said about that yet, and I'm curious as to what would happen to Chinese citizens who continued to trade cryptocurrencies (assuming they found a way to do so). 

[tuertezii]

You know, there are several ways to bypass these Chinese bans on Crypto currencies. There are millions of Chinese citizens with family and friends that are working or living in other countries where Bitcoin is legal. They will simply do direct Bitcoin transfers to these people and then ask them to push the coins through "legal" exchanges in other countries.

One thing about Chinese citizens is this.... "They know how to circumvent restrictions from their government" ..... and they are clever enough to get away with it. ( I know several Chinese people that are working in my country and they are very clever )  

In this ban, people who provide services to exchanges are mainly prohibited, such as merchants who deposit and withdraw money in fiat currency, but this is also a good thing. This is the beginning of a centralized revolution. If the money in and out of fiat currency can be decentralized, it would be great. .

[lixer]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

That’s what’s they are going to do, they will cancel Chinese users. People who are living there will have to switch from those centralized exchanges to making use of decentralized /peer-to-peer exchanges, because P2P exchanges are the only places they can trade without having any problem with the government.

By the way, I don’t even know why we are still talking about this China banning of bitcoin and other cryptocurrencies by now this is not the first time that they are saying this, I even thought that it has been banned some years back, because I can remember this is not the first year that I have been hearing about Chinese ban on cryptocurrency, it has gotten to an extent where it tickles me anytime I see the media repeating this same news, just starting to seem like a new strategy for them to be bringing the price down every year.

[dkbit98]

All exchanges are now not allowing citizens from China to use them, but ban is expanding and now CoinGecko and CoinMakerketCap websites are also banned by Chinese great firewall.
This continues with Alibababa stops selling of all crypto mining machines in next month, plus one big part of China is having total electrical restrictions and blackouts that could last until next year 2022!
Something big is happening, so be ready for everything in next few months... like cyber attacks etc... winter is coming.

[sunsilk]

You know, there are several ways to bypass these Chinese bans on Crypto currencies. There are millions of Chinese citizens with family and friends that are working or living in other countries where Bitcoin is legal. They will simply do direct Bitcoin transfers to these people and then ask them to push the coins through "legal" exchanges in other countries.

One thing about Chinese citizens is this.... "They know how to circumvent restrictions from their government" ..... and they are clever enough to get away with it. ( I know several Chinese people that are working in my country and they are very clever )  

This is true.

That's why they are scattered and you see a lot of them are in different parts of the world. So that's very likely that most of the families living in China have relatives offshore.

And that's all they have to do and ask them a favor and give those relatives of them a nice cut to help them out and sort this thing.

[sikke]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

I think that they will eventually.

Whoever is registered as a Chinese citizen should keep an eye out for exchange announcements and act accordingly.

But no way are big, regulated exchanges going to risk it by offering services to a banned country as large as China.

[bbc.reporter]

Following the announcement of the Chinese government to ban Bitcoin;
Huobi.com has issued the most tragic announcement to clear all Chinese users.
Will Binance and OKcoin issue the same notification next?
So will it be followed by the cruelest process of suppressing the price of Bitcoin?

Binance has claimed and announced that they are already not accepting users from mainland China. However, this is a lie, according to this news hehe. It appears every Chinese is afraid to do wrong against the Chinese Communist Party. They can make people disappear for years and have also taken hostages of people from other countries. Canada is the latest hostage taking where it took 2 Canadian businessmen to make a deal with Canada to release the CIO of Huawei.



Crypto giant Binance has claimed it operates “no exchange business” in China, despite overwhelming evidence to the contrary.

As relayed by Chinese journalist Colin Wu, Binance made the curious statement to local media Blockchain Daily in response to Beijing’s most-recent labelling of all crypto transactions in the country illegal.

China’s drastic clampdown is this year’s most severe step yet, as the government wages a war on digital currencies under the guise of environmental protection.

[Darker45]

I think huobi is not like biance. Huobi company even has a CCP Committee!

So? What's the point? Do you mean to say Huobi is going to be spared? Or that Huobi is forced to do something which Binance may not? If the Chinese government says something, Huobi will have to follow. Binance will have to comply. Neither would want to make an enemy in the red government. They better ban China in response and expand their market elsewhere.

It's too unfair for Chinese people who want to invest in cryptocurrency. I hope they can find a way to deal with such tough measures as soon as possible.

The Chinese government is always unfair to its people. But they will always find a way. After all, you cannot ban Bitcoin. China has done it a number of times. They wouldn't have to do it the second time, the third time, the fourth time, and so on if they could ban it.  

[coin-investor]

It's too unfair for Chinese people who want to invest in cryptocurrency. I hope they can find a way to deal with such tough measures as soon as possible.

Chinese are known to be good business people they can find a way they can migrate to other countries and bring their wealth and their business to third world countries where trading Cryptocurrency is legal, and they have families abroad they can ask them or transfer their Crypto to their relative to transact on their behalf, in two years time those who suffered from this ban will establish bases outside their home country.

[stompix]

For international exchanges without a footprint in China, it's most unlikely to happen. They wouldn't definitely want to losse customers.

Why do you think so?
Binance doesn't have a footprint in South Korea either and they easily followed what the authorities asked them to, do you honestly think CZ will risk going against the CCP? This is not the western world, this is China who managed to make disappear even their Interpol chief which at that time was the leader of the global organization, remember Jack Ma and many many others?

If China really wants to terminate the cash flow it will make a lot of those exchanges ban Chinese users for real, do you think exchanges based in Singapore will have an easy life if the CCP puts even a tiny bit of pressure on the authorities there or in any Asian country that has billions in trades with China? As for the western world, a lot don't service China even now, so why they would trouble themselves with it?

Chian is done for, forget it, besides everything they had was fake volume from the day they've started, the actual influence they have was clearly shown in the small hiccup last week.