Chinese Bitcoin Exchange Huobi Strictly Using Business Bank Account, Dumps Personal Account

Jayanand Sagar | January 12, 2014 | 8:40 am

Chinese Bitcoin Exchange Huobi Strictly Using Business Bank Account, Dumps Personal Account

Jayanand Sagar | January 12, 2014 | 8:40 am

Huobi Logo SmallAccording to a post today on Reddit, it would appear as if Chinese bitcoin exchange Huobi has made a modification to their account funding process.

Previously, the exchange allowed consumers to fund their accounts with one of two options:

  1. Use Huobi CEO Thus Li Lin’s personal bank account with China Merchants Bank (which allowed for ATM deposits and third-party transfers)
  2. Use Huobi’s business bank account with China Construction Bank (does not support ATM deposits of third-party transfers)

The aforementioned post indicates that the first option has been removed, stopping any interaction with Li Lin’s personal bank account entirely.

Many have previously stated that Li Lin was taking an incredible risk by doing so, especially since Chinese authorities have cracked down on financial institutions getting involved with bitcoin.

Users are left wondering what the future holds for Huobi, which seemingly came into the limelight following the aforementioned Chinese crackdown. More information as it becomes available.

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