Huobi will Charge Management Fees from Chinese Users Not Withdrawing their Crypto

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Key takeaways:

  • In order to fully eradicate Chinese customers, Huobi has announced that those who do not withdraw cryptocurrency would be charged management costs.
  • Every month, account management is charged at a cost of 0.2 percent of the snapshot capital. 
  • The cost will be assessed at that amount if the account maintenance fee for a single account is less than 1USDT.
Huobi Will Charge Management Fees From Chinese
Huobi will Charge Management Fees from Chinese

Huobi Group, the world’s premier blockchain firm, was founded in 2013 with the purpose of accelerating the digital economy through breakthrough developments in core blockchain technologies.

Huobi Group’s operations span a wide range of industries, including enterprise and public blockchains, digital asset trading, cryptocurrency wallets, and industry research, with tens of millions of users across 170 countries and regions.

On December 31, 2021 (GMT+8), Huobi Global will complete the clearing and removal of users in Mainland China in a reasonable timeframe. Huobi Global will begin charging account administration fees to mainland Chinese users who are still financed in Huobi Global after February 15, 2022, based on industry standard practises. The account administration fee will be donated to “Huobi Charity” for public welfare projects, and public declarations will be made.

Huobi Charity Limited, a non-profit affiliated with the cryptocurrency exchange Huobi Global, contributed $1 million in Bitcoin and cash to UNICEF in April 2021, as well as 7 BTC to CryptoFund.

The following is the account management fee: Beginning February 1, 2022, a snapshot of users’ funds in mainland China will be taken on the 15th of each calendar month at 24:00 (GMT+8) .

The account administration charge will be automatically collected within 15 days depending on the user’s snapshot data.

Account management is charged at the rate of 0.2 percent of the snapshot capital every month. If the account maintenance fee for a single account is less than 1USDT, the cost will be levied at that amount.

Aside from Huobi, a number of other cryptocurrency exchanges, including Binance and Kucoin, have announced that they will leave China by the end of 2021. The closure of cryptocurrency exchanges in China is strongly intertwined with Beijing’s determination to restrict bitcoin transactions and its severe stance on cryptocurrency trading and mining.

China sees cryptocurrency as a threat to economic and monetary stability. Cryptocurrency is also considered as posing a systemic risk, as well as fostering financial crime and other criminal activity. As a result, Beijing is making a concerted effort to contain cryptocurrencies and has decided to create its own Digital Yuan.

The user will be regarded as a “Mainland China user” if any of the registered nationalities, otc nationalities, personal certification nationalities, and institution certification nationalities are “Mainland China.”

 The exchange has requested to  complete the withdrawal process as soon as possible if users do not want to be charged account management fees.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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