• Huobi sees a 13,900 BTC outflow, while Bitcoin deposits are directed to these exchanges; here’s what’s going on

  • Colin Wu, a Chinese crypto journalist and blogger who covers everything blockchain and crypto in China and around the world, recently shared data showing that nearly 14,000 Bitcoins have outflowed from Huobi, China’s largest trading platform, and two other smaller crypto exchanges.

    Meanwhile, major cryptocurrency exchanges Binance, Coinbase, and Bitfinex are seeing massive Bitcoin inflows.

    Users withdraw BTC from Huobi as a result of the China ban.

    Colin Wu reported on Twitter that, as a result of the recent Chinese crypto ban, users have begun to withdraw their Bitcoins from Huobi after the platform announced that it will drop all of its current customers in mainland China.

    Wu tweeted that Huobi has seen a total of 13,903 Bitcoin withdrawals, citing ViewBase, an analytics website. Aside from Huobi, other crypto exchanges such as Okex and Gate.io have seen BTC outflows, albeit on a smaller scale; users have withdrawn 5,872 BTC from Okex and 95 BTC from Gate.io.

    According to Wu’s tweet and screenshot, other major exchanges, including Binance, Bitfinex, and Coinbase, the largest U.S.-based crypto platform, are seeing massive inflows of Bitcoin.

    Wu claims that slightly more than 7,000 BTC have been deposited at Binance, nearly 5,000 BTC have been transferred to Bitfinex, and 122 Bitcoins have been transferred to Coinbase.

    A Twitter user suggested in the post’s comment thread that Bitcoins withdrawn from Huobi and the other two exchanges are being transferred to Binance.

    Huobi and Binance are no longer accepting users from mainland China.

    Huobi, as previously reported by ULTCOIN365, has announced that it will no longer provide its services to crypto traders and investors in mainland China after suspending the creation of new accounts in that region.

    Binance has also stopped accepting new users from that region. However, as a result of the Chinese government’s recent ban, many local exchanges have been forced to close their doors or relocate to other jurisdictions. Once again, the ban applies to both cryptocurrency trading and mining. Aside from Binance and Huobi, CoinEx exchange is no longer accepting new Chinese users, and Renrenbit—which belongs to Chinese “OTC king” Zhao Dong—is completely shutting down its operations, according to Colin Wu’s earlier tweets.

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