China’s Huobi Imposes 24 Hours Restriction on Crypto Withdrawals

In terms of volume, the world’s second-largest trading platform operator, Huobi, has imposed a new twenty-four-hour restriction on the OTC transactions before the investors can withdraw their crypto holdings.

With this move, the company aims to deal with another blow to BTC investors in mainland China following its massive clampdown on the crypto market and effectively discourage speculation. 

AS per the new rules, the user can only withdraw their assets after 24 hours of buying them. Besides that, the statement on its website further added that a 36-hour restriction might be needed in some rare cases detected by Huobi’s risk control systems.

The statement added that the new restrictions aim to strengthen user’s security and protection of their assets by any speculative inflows to the market. It comes a year after the company imposed a 36-hour restriction on limited users.

Following Beijing’s 2013 ban on financial institutions and 2017’s shutdown, the over-the-counter has become the only way for Chinese crypto investors to buy digital assets.

Besides that, in May this year, the platform also became the first Chinese exchange to health BTC mining activities. Meanwhile, numerous other countries across the world are also ramping up their measures against illegal crypto services.

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