OKEx and Huobi Tokens Try to Recover as Chinese Ban Takes Effect

Source: AdobeStock / aphotostory

After last week’s updated ban on crypto-related activity in China, the tokens of some exchanges with ties to the country now seem to be trying to make up for their heavy losses.

Huobi Global’s huobi Token (HT) has seen a slight increase of 0.2% Over the past 24 hours, trading at USD 7.82. It recorded a daily jump of more than 12% today. The win comes after a tough week for HT holders, with the token down more than 33% in the last seven days.

14-Day price chart of huobi token. Source: CoinGecko

Also resisted the worst selling pressure from the broader market today OKEx’s OKB Token, which fell 2% to USD  in the last 24 hours . Today it had also increased by more than 12%. Today’s correction comes after a loss of 14% in the last seven days for the OKEx token.

14-Day price chart of the OKB. Source: CoinGecko

The relatively strong performance has been seen as several China-based crypto exchanges have already announced that they are suspending all operations, while other exchanges registered outside mainland China said they have stopped new account openings for Chinese users.

The latest exchange in China to announce a complete closure is BiKi, an exchange with ties to Huobi co-founder Du Jun, which announced on its website today that it has already stopped registering new users in mainland China.

The announcement of the exchange further said that it will begin” repurchasing ” Exchange tokens from users and that existing users will have until November 30 to withdraw all their assets before the exchange officially ceases operations.

Although BiKi’s announcement only mentions that account registrations will be suspended for users based in China, it also states that the entire trading platform will officially cease operations on November 30, without providing any information on whether an international version of the platform will continue to operate.

Shortly before BiKi’s announcement came out, BitMart, which says on its website that it does not have offices in mainland China, said that it has “banned account registration for mainland China with immediate effect.”In addition, existing mainland Chinese users will no longer be served after November 30.

Meanwhile, Huobi Global, reportedly the largest exchange in China, said on Sunday that it has already ” ceased account registration for new users in mainland China and that it will “gradually withdraw existing user accounts in mainland China” by December 31.

In addition, another indication that China’s new crypto ban is being implemented nationwide can be seen today in the form of reports from Chinese users that they can no longer access multiple crypto websites.

At the moment, this includes the CoinGecko and CoinMarketCap tracking sites, as well as the popular trading and charting site MusicaNeo, with the list likely to grow as regulators and censors continue their crackdown.

Website blocking is a common technique used by China’s Internet censors, but it can be circumvented by using virtual private networks (VPN), which are relatively common in China.