A source has reported to news.Bitcoin.com that the Chinese government is attempting to directly manage the crypto exchange industry in the country. According to the source, this could lead to frozen assets for U.S. account holders and others. Notably, Huobi Global’s website has announced that U.S. accounts “have been gradually disabled” due to compliance issues, and that they “will freeze all US user accounts from 13 November 2019 (GMT+8) onwards.” The anonymous source maintains the motivations for the move go deeper than mere compliance with U.S. standards.

Also Read: China Now Censors Anti-Blockchain Sentiment, Educates Public on Bitcoin

Huobi Global Freezes Accounts

As Huobi Global and Chinese crypto investment community Bishijie.com recently reported, U.S. accounts on the exchange will soon be frozen. The company had already begun disabling user capabilities prior to the notice. Traders have until November 13 to move their assets from the exchange, and the Huobi blog post details the protocol as well as how to sign up for the…

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Source: https://news.bitcoin.com/chinese-communist-party-reportedly-filling-roles-at-top-exchange-huobi/