The consequences of the Chinese bitcoin ban are unfolding

The final impact of the Chinese bitcoin ban from September is unfolding. After gradually removing Chinese mainland users, Huobi’s share of the global open interest has fallen to 2%, down from its Feb 15th, 2020 peak of 20%.
Source: Skew

Huobi has accelerated its retirement of Chinese mainland customers. On Sept 24th, Huobi ceased registrations for new mainland Chinese customers. On Dec 15th, Huobi ceased spot trading for Chinese citizens. Additionally, from Dec 15th to Dec 31st, Chinese mainland customers are only able to sell digital assets.

Huobi also closed its derivatives desk for China-based Huobi users in November, leading the exchange’s market share of the global open interest to plunge from 6% to 2% overnight as the October contract expired.

The Chinese ban has also been reflected on other exchanges. Both OKEx and Binance have made announcements of restrictions for Chinese mainland citizens.

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