Posted in: Archive
January 12, 2014 1:02 PM

Warning: Huobi has closed their personal bank accounts system

Just yesterday we wrote a post explaining the recent Bitcoin price jump which was caused by big demand on the Chinese Bitcoin trading platform Huobi. They have been using their CEO’s personal bank accounts in multiple banks to manage deposits and withdrawals. This has ended today.
As the reddit user yqfpmz tells us he has checked Huobi’s funding option for the past week. There have been two options to fund your Huobi account:

RMB transfer to Li Lin’s personal bank account at China Merchants Bank, registered in Shangdi, Beijing, account number 6214 8501 0139 6403 (supported ATM deposits, and Zhifubao transfers).
RMB transfer to Huobi’s business bank account with China Construction Bank, also registered in Shangdi, Beijing, account number 1100 1045 3000 5301 4342 (does Not support ATM deposits or third-party transfers).
As of today they have removed the personal bank account deposit option completely from their site, and only the business bank account deposit option is listed.

What does this mean? Well, Thus Li Lin (the CEO of Huobi) might have been scared of using his personal bank accounts as Bobby Lee was.
We wrote yesterday:

However, he is taking a great risk. It is said that Bobby Lee moved to corporate bank accounts due to an expectation of governmental crack down on personal bank accounts being used for Bitcoin trading. Whether this will happen or not is yet to see.

He might even have received a notice or warning by the Chinese government. We all know they are trying to limit Bitcoin trading in China.
This might be bringing the Bitcoin price down again since we believed that Huobi was the main pusher of the sudden increase this weekend.
What do you think has caused this sudden closure of using their personal bank account system?

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Jonas Borchgrevink @JonasBorch

Founder and Director of Passionate about how technology can empower people to create a more just and sustainable world.