The world has been witnessing China’s recent behavior towards crypto platforms. Therefore, Huobi, along with a wide range of crypto platforms decided to bid adieu to the country. Just last week, the crypto exchange revealed that it had banned new user registration from mainland China. Now, more recently, Huobi affirmed that it would stop services for accounts from China.
Last week, Huobi shared a blog post revealing that it would “gradually retire existing Mainland China users” While it closed new user registrations back on 24 September, the exchange is all set to close the app for Chinese users by December.
China and its latest antics with regard to the crypto-verse were condemned by many. However, the Chinese government continued to bring out its hostile nature towards the crypto market and went on to deprive the citizens of the country of the benefits of the crypto industry. The most prominent crypto platform had set up shop in China and over the last couple of weeks, all of them were seen exiting the region, thanks to the blanket ban on crypto.
Chinese crypto journalist, Colin Wu announced that Huobi was officially suspending services for its users from mainland China. The biggest crypto trader in China was finally shutting shop in the region.
Huobi bids adieu to China
In a recent tweet, Wu noted that the crypto exchange would be suspending the deposits feature starting from 14 December 2021. This will then be followed by the removal of support for the Chinese yuan [CNY] and its trading pairs on the 31st of December. These imminent changes will not affect non-Chinese users in any way, Wu affirmed.
Huobi announced the details of its withdrawal from China. The deposit function will be delisted on December 14th, spot trading will be delisted on December 15th, and fiat(CNY) trading will be delisted on December 31st. Non-Chinese users will not be affected. pic.twitter.com/HJc6PQBU0B— Wu Blockchain (@WuBlockchain) October 2, 2021
In the next tweet, Wu said,
“Huobi is China’s first major exchange that eliminate existing Chinese users. Whether other exchanges will imitate is currently a topic of concern.”
Other exchanges were already on their way outside China. Recently, CoinEx announced that would drop support for the users of the country. CoinEx users were given time till 31 October 2021 to withdraw funds.
Huobi Global Is Giving 500M SHIB as Trading Reward
- Huobi Global is doing a 500 million SHIB trading promotion.
- Trading promotion starts on October 11, 10:00 (UTC) to October 16, 10:00 (UTC).
- Everyone needs to pass the trading rules mechanics to be qualified for the event.
Shiba Inu has had a massive price surge in the past weeks and that has made it attract much attention in the crypto space. Amid this price sensation, Huobi Global has disclosed that it is offering 500 million SHIB as a trading reward for traders. Timely, the promo period ends on October 16, 10:00 (UTC).
Moreover, the trading event has two phases which are trade to win and also a lucky draw. To take part, traders are obliged to meet the qualifications before joining. Otherwise, joining the event becomes impossible.
Also, the user needs to fill the registration form before they will be eligible to participate in trading. To clarify, there are five rounds in total, with 50 million SHIB each round. These trading perks will only last for 24-hours.
Notably, a user with a minimum spot trading volume of 500 USDT of any tokens in a single round will be eligible for a share of 50 million SHIB.
On Huobi Futures, anyone who hit Futures trading volume of 10,000USDT can win a 100 million SHIB prize pool.
The instructions to anticipate the event are:
- Follow the Huobi Global page.
- Share the link on Twitter and tag your friends.
- Hit the minimum spot trading volume of 500 USDT or Futures trading volume of 10,000 USDT of any token in a single round.
Meanwhile, the lucky draw has a total of 150 million SHIB rewards. Above all, about ten lucky winners will be drawn every round to win 3 million SHIB each in addition to the qualified ones.
Ripple Shifts Whopping 101 Million XRP, Sending Part to Huobi Platform
Ripple DLT company shifts 101 million XRP to its alternative wallets and moves part of it to Huobi in regular daily transactions
Blockchain Twitter bot Whale Alert, which regularly publishes data on recent large crypto transactions, has announced that the San Francisco fintech service provider Ripple has made several transfers to move a whopping 101 million XRP.
One-fifth of this amount has been sent to Huobi trading giant over the past 10 days.
83.5 million XRP transferred by Ripple
The aforementioned blockchain tracker reported that, over the past 14 hours, Ripple distributed ledger tech provider made three transactions, carrying 50,000,000, 20,000,000 and 13,500,000 XRP tokens. The transfers were made to its alternative wallets: RL18-VN and RL43-EE.
The former is often used by the company for pushing XRP beyond Ripple – to crypto exchanges and financial institutions that are on the RippleNet network or have partnered with Ripple.
The total amount of XRP transferred constitutes $90,276,470 in fiat.
A day earlier, as reported by U.Today, crypto whales and major exchanges—Binance, Bittrex—transferred a similar amount of crypto, 98.4 million XRP ($106,517,732).
Ripple sends 17.5 million to Huobi
XRP analytics website Bithomp shows that, over the past 10 days, Ripple has sent more XRP to the Huobi exchange, which is leaving the Chinese market at the moment, dropping all of its current users in mainland China.
According to the data provided, since Sept. 29, the company has shifted 17.5 million XRP to this popular global crypto exchange. Today, Ripple is expected to move another lump of XRP to it as well.
Since Sept. 29, when Ripple allocated an astounding 100 million XRP to be moved to that platform, it has already made four transactions of 1,542,780 XRP each and sent six lumps of 2,309,580 XRP.
Prior to Sept. 29, the daily amount of XRP sent to Huobi by Ripple was 3,099,200 coins. The goal of these transfers has not been mentioned by Ripple Labs anywhere, so a likely reason could be to support XRP’s liquidity, as CEO Brad Garlinghouse explained in a Twitter thread a couple of years ago.
Huobi’s Grayscale Rival in Asia Sees 21% Surge with 5 Crypto Trusts Running
Share price of Huobi’s Hong Kong company aims to become Asia’s Grayscale with five crypto trusts already working for local investors
According to Chinese crypto blogger and journalist Colin Wu, a subsidiary of Huobi—Huobi Tech—sees a rise of its share price by 21% today, aiming to become the largest crypto custody company in Asia, a local rival of Grayscale.
Wu did not name the company directly, but he most likely meant Huobi Tech’s Huobi Trust Hong Kong.
Huobi Tech shares soar 21%
Journalist Colin Wu has tweeted that today the share price of Huobi’s Hong Kong-listed Huobi Technology Holdings Limited (Huobi Tech) grew 21%.
Huobi’s Hong Kong-listed company’s share price rose 21% today. It aims to become a grayscale in Asia and has already issued 5 funds. pic.twitter.com/xIQRRVRO5t— Wu Blockchain (@WuBlockchain) October 6, 2021
A press release published about two weeks ago states that the company intends to become the flagship platform for virtual asset services and was working on its crypto trust and custodian business. The services will be provided by Huobi Trust Hong Kong and Huobi Trust US.
Huobi Trust Hong Kong holds over $1 billion in crypto
Huobi Trust Hong Kong will provide regulation-compliant crypto custody services to Asian investors. In late August, the company held over $1 billion in digital assets.
Huobi Trust Hong Kong was registered in HK on April 29 of this year, gaining the necessary licenses from local regulators.
Colin Wu tweeted that, by now, the company has five cryptocurrency trusts running and intends to become a Grayscale rival in Asia.
Besides, now that Huobi exchange is withdrawing from mainland China and dropping all of its customers in the region, Wu believes that its regulatory-compliant business in Hong Kong may gain more attention.
Grayscale holds $44.8 billion in crypto
According to a tweet published by Grayscale on Oct. 5, the Barry Silbert-affiliated asset management company holds a whopping $44.8 billion worth of cryptocurrencies.
The company offers investors exposure to crypto assets via 13 cryptocurrency trusts. It also runs a DeFi Fund and a Digital Large Cap Fund.
10/05/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $44.8 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $UMA $BNT $ADA $SOL pic.twitter.com/ja0eZp7CdD— Grayscale (@Grayscale) October 5, 2021