Huobi, China’s Largest Crypto Exchange Imposes Strict OTC Withdrawal Limit
Huobi, the largest crypto exchange of China today imposes a strict OTC withdrawal limit. This is imposed to restrict money laundering efforts from Chinese traders.
The exchange has imposed a new “T+1” time limit withdrawal policy in which traders can only cash out after 24 hrs of purchase. In some cases, the time limit might be 36 hrs.
According to the official blog post, “All users (including advertisers) implement the “T+1″ policy, that is, the assets after OTC purchase can only be withdrawn after 24 hours. It takes 36 hours for some users to withdraw their assets after OTC purchase.”
Basically, the crypto OTC desk is used by traders to send and receive money from overseas and it is believed to be the gateway for money laundering. Now after this new updated strict OTC withdrawal policy, there will be difficult to launder money.
Also, recently Huobi halted derivatives trading after Beijing continues its crackdown on businesses related to bitcoin and other digital tokens.
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