Huobi and OKEx's tokens take biggest hit in China's latest crackdown
September 24, 2021, 7:03AM EDT
1 min read
The prices of exchange tokens belonging to crypto exchanges Huobi and OKEx have tumbled following China's latest crackdown notice was released.
Within the hour after the People's Bank of China dropped the statement on its plan to further crack down on crypto trading, the prices of huobi token (HT) and OKEx's OKB token (OKB) both plunged by over 15%. They are currently the top two tokens with the biggest percentage drop over the past 24 hours as of press time, based on data from CoinGecko.
China's tougher measures are now targeting all crypto-related services, meaning any business that let people exchange fiat currencies into crypto assets will be treated as illegal.
Both Huobi and OKEx have strong roots in China and were founded in the country years ago. Although they have claimed to have moved out of China and suspended the Chinese yuan fiat on-ramp, they still have employees based in the country and cater to Chinese customers, allowing them to exchange Renminbi to crypto assets through over-the-counter (OTC) merchants on their platforms.
Binance, on the other hand, also offers Chinese yuan OTC services on its platform. The price of Binance's exchange token BNB, however, has taken less of a hit with an eight percent drop over the past hour.
The exchanges have not responded to The Block's request for comment on whether they have any reaction to China's renewed crackdown measures.
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Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.