Bitcoin flows from Huobi to Binance reach USD 300 mln

Monday 16 November 2020 12:59 CET | News

In China’s illegal crypto exchange market, Bitcoin flows to Binance from Huobi have reached an all-time high since Huobi’s COO allegedly went missing on 2 November 2020.

According to data provided by CryptoQuant, a total number of 18,652 Bitcoins, worth nearly USD 300 million, was transferred from Huobi to Binance from 2 November to 11 November.

For months, Chinese regulators have been clamping down on many crypto trading platforms that cater mainly to Chinese clients. Some of these exchanges appear to have close, albeit informal, relationships with the Chinese government.

This is not the first attempt by the regulators in China to crack down on crypto exchanges. Bitcoin exchanges received orders to close their businesses in China after the country banned crypto trading activities in 2017.

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Keywords: Binance, Huobi, Bitcoin, fraud, cryptocurrency, blockchain, China, crypto exchange
Categories: DeFi & Crypto & Web3
Countries: China
This article is part of category

DeFi & Crypto & Web3