A farewell to Bitcoin from Huobi’s domestic exchange today as China’s cut-off point looms.
Chinese Bitcoin exchange Huobi’s domestic arm has issued a farewell to the industry as it prepares to shut down Tuesday.
In a blog post, Huobi said it would reimagine itself as an “integrated information and research service provider in the vertical field of Blockchain (sic)” dedicated to the Chinese market.
Commenting on the shutdown, founder Leon Li called this month’s events a “milestone.”
“I believe that this is not only a milestone for Huobi but also a watershed in the history of Chinese digital assets and even a memorable day in the development of global digital assets.”
While hope remains that China’s domestic traders will once again get access to exchanges, the country’s big names such as BTCChina, OKCoin and others will all disappear from Nov. 1.
This week saw rumors that Chinese investors may be able to use Huobi and OKCoin’s international sister platforms in the future when they launch p2p Bitcoin-to-fiat trading. The information nonetheless comes only in the form of implication. Li continued:
“In the past, Huobi brand in China has been a significant symbol in the industry of digital assets. In the future […] Huobi team will continue to actively and globally participate in the development of the industry.”
An interim measure has seen Chinese traders return en masse to p2p platforms, principally LocalBitcoins, the use of which has ballooned for a second time this year.
Li concluded by thanking users and reiterating a desire to leverage benefits of the Chinese regulatory crackdown. He wrote:
“With your trust and talent, I believe all challenges Huobi is facing today can be opportunities.”
