Share this article
Huobi to Gradually Expel Its China Users in Wake of Ban; Token Slides to 8-Month Low
Huobi token’s price hits the lowest since late January
Updated May 11, 2023, 5:27 p.m. Published Sep 26, 2021, 12:56 p.m.
Prominent crypto exchange Huobi Global announced on Sunday it would stop serving existing China-based users by the end of this year, sending its native cryptocurrency to eight-month lows.
“Huobi Global will gradually retire existing China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users’ assets,” the exchange’s official statement, published early today, said. “We will inform users of the specific arrangements and details through official announcements, emails, text messages, etc.”
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The exchange had already suspended new registrations for Chinese, taking cues from the People’s Bank of China’s Friday statement that declared all virtual currency-related businesses illegal and banned overseas crypto exchanges from serving China-based users.
Huobi token fell below $6 on major exchanges early Sunday, hitting the lowest point since Jan. 30. At press time, the cryptocurrency is changing hands near $7.40, representing an 18% slide on the day, according to data provided by TradingView.
The token’s price has more than halved in the past seven days alone and has lost 80% of its value since China renewed its crackdown on cryptocurrency trading and mining in mid-May.
Coins of other China-sensitive trading venues and Web 3 projects are also facing increased selling pressure. Crypto exchange OKEx’s OKB token hit a five-week low of $7 early today. While the price has bounced to $14 since then, it is still down 20% on a seven-day basis.
FIL, a cryptocurrency that powers decentralized peer-to-peer file storage network Filecoin, is currently trading at $55, the lowest since Aug. 6, and down 33% in seven days.
Crypto market leader bitcoin has steadied since Friday’s knee-jerk sell-off to $40,700 in the wake of the China news. The cryptocurrency is currently changing hands above $43,000, up 1.3% on the day.
Bitcoin’s resilience is perhaps indicative of investor confidence that China’s stricter stance won’t dent the thriving crypto industry. Analysts told CoinDesk on Friday that the market-wide selling pressure stemming from China news would be temporary at worst.
Más para ti
Lo que debes saber:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Más para ti
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
Lo que debes saber:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
