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China’s new bans collapse the price of Huobi and OKEx tokens

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China’s new bans collapse the price of Huobi and OKEx tokens

The prices of exchange tokens owned by cryptocurrency exchanges Huobi and OKEx have fallen after the publication of China’s latest notice of tightening rules for the crypto sector.

Within an hour after the People’s Bank of China announced a further crackdown on cryptocurrency trading, prices for Huobi (HT) and OKEx (OKB) tokens fell more than 15%.

They are currently the top two cryptoassets with the largest percentage drops in the last 24 hours (CoinGecko data).

Huobi and OKEx

China’s tough measures are currently targeting all cryptocurrency-related services, so any business that allows people to exchange fiat currencies for crypto assets will be considered illegal.

Crypto exchanges Huobi and OKEx were founded in China many years ago. Despite claims of going out of the country and not using the RMB, the platforms have employees based in the country serving Chinese customers. Mostly, the yuan was exchanged for cryptoassets on OTC trading platforms.

Binance also offers RMB OTC services on its platform. However, the price of the exchange token Binance BNB has suffered less – in the last hour, it has fallen by 8%.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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