Following China’s announcement to adopt stricter measures against the crypto industry, several crypto exchanges started to make changes in their services.
Huobi Global, the biggest crypto trading platform in China, disclosed ceasing services for local users. The exchange has disabled new registrations, becoming one of the first companies to adhere to Beijing's latest crypto ban. Huobi has halted allowing traders to use mainland China phone numbers to open new accounts. However, the option continues to be available for Hong Kong customers.
Previously, Huobi disallowed Chinese users from selling and buying risky products such as derivatives after China revealed a shutdown on crypto mining.
Connected with the situation in China, another major crypto exchange FTX unveiled moving its headquarters from Hong Kong to Nassau, the Bahamas.
1) We're really excited to be setting up @FTX_Official's headquarters in The Bahamas!— SBF (@SBF_FTX) September 24, 2021
a) The Bahamas is one of the few places to set up a comprehensive framework for crypto; FTX is registered
b) The Bahamas has emerged from COVID lively, safe, and without quarantine
The CEO of the company, Sam Bankman-Fried revealed the news via Twitter on September 24. He mentioned that the Bahamas is one of the few places to set up a comprehensive structure for crypto.