Huobi users withdrew $300m in Bitcoin amid regulatory headwinds

Outflows of cryptocurrency from Chinese exchanges to other platforms surged amid regulatory headwinds. An additional push came with the news of the disappearance on November 2 of Huobi’s chief operating officer Robin Zhu.

According to data from CryptoQuant, after this date transfers of bitcoins from Huobi to the exchange Binance reached an all-time high — more than 16,500 BTC worth about $300 million.

Source: CryptoQuant.

Journalist Colin Wu of CoinDesk said that many users are closer to Binance, whose leadership is abroad. He previously spoke of a possible arrest of Robin Zhu, but Huobi denied this information. The whereabouts of the top executive remain unknown.

On November 13, CryptoQuant recorded outflows from exchanges: 320 BTC from Huobi and 14,734 BTC from Binance. There are no grounds yet to claim that funds linked to Huobi were withdrawn from the second platform. ForkLog awaits comment from Binance.

In the last two weeks, Huobi’s native token (HT) has fallen by 14.4%. At the time of writing, it traded at around $3.65.

Data: CoinGecko.

In recent months, Chinese authorities have turned a close eye to local cryptocurrency platforms. Some reports indicate this is connected to money laundering and fraud.

On November 9, the Chinese exchange TokenBetter paused withdrawals amid an investigation. Activity on the company’s Twitter and Facebook accounts has been quiet since October 15.

Follow ForkLog news on Facebook!