According to insider Colin Wu, Huobi and two other exchanges are seeing significant Bitcoin outflows, while other major platforms are receiving massive BTC deposits.
Chinese crypto journalist and blogger Colin Wu, who covers everything to do with blockchain and crypto in China and around the globe, has shared recent data showing that almost 14,000 Bitcoins have outflowed from the largest trading platform in China, Huobi, and two other smaller crypto exchanges.
Meanwhile, major digital exchanges Binance, Coinbase, and Bitfinex are seeing massive inflows of Bitcoin.
China ban pushes users to remove BTC from Huobi
Colin Wu has tweeted that, under the pressure of the recent Chinese crypto ban, users have begun to take their Bitcoins away from Huobi after the platform announced that it is going to drop all of its present customers in mainland China.
Citing the database analytics website, Wu tweeted that Huobi had recorded withdrawals of 13,903 Bitcoins in total. Aside from Huobi, such crypto exchanges as Okex and Gate.io are also witnessing BTC outflows, albeit smaller ones; users have withdrawn 5,872 from Okex and 95 BTC from Gate.io.
According to the tweet and screenshot shared by Wu, other major exchanges namely Binance, Bitfinex and the largest US-based crypto platform Coinbase are seeing massive inflows of Bitcoin.
Wu says that slightly over 7,000 BTC have been deposited to Binance, almost 5,000 BTC went to Bitfinex and 122 Bitcoins were moved to Coinbase.
In the comment thread below the post, a Twitter user suggested that Bitcoins removed from Huobi and the other two exchanges move to Binance.
Huobi and Binance are dropping mainland China users
As reported by U.Today previously, Huobi has announced that it will no longer be providing its services to crypto traders and investors in mainland China after it suspended the creation of new accounts in that region.
Binance has so far stopped admitting new users from this region as well. However, many local exchanges have been forced to quit the business or relocate to other jurisdictions as a result of the recent ban posed by the Chinese government. The ban again covers crypto trading and crypto mining.
Aside from Binance and Huobi, CoinEx exchange is also ceasing work with new Chinese users, and Renrenbit—which belongs to Chinese “OTC king” Zhao Dong—is shutting down its operations completely as is clear from the earlier tweets of Colin Wu.
