China crypto ban slashes revenues and spurs Huobi to ‘go global’

China’s ban on private digital assets will wipe out almost a third of revenues for Huobi Global, one of the world’s largest cryptocurrency exchanges, and force it to look elsewhere for growth, the co-founder said.

Huobi is being forced to cut off its clients in China and give up 30 per cent of its revenues because of the country’s crackdown on cryptocurrencies. To make up for that loss the exchange plans to hunt for customers in other financial centres, underlining the global impact of China’s decision.

“Between late September to December 31 we are in the process of stopping servicing all our Chinese users. There will be no Chinese users on the platform . . . so our revenues from [these clients] are going to go to zero,” Du Jun, the 33-year-old co-founder of the exchange, said in an interview with the Financial Times.

Source: https://www.ft.com/content/430ffad7-d95a-4c85-bc62-c26c65bfb379