As reported by BTC PEERS, The People's Bank of China issued a notice declaring all crypto-related services, including foreign exchanges providing services to users in mainland China and all services that facilitate exchange between fiat currencies and crypto assets, illegal.

Both Binance and Huobi were founded in China. However, the two crypto exchanges have had to migrate to other jurisdictions after the government imposed a ban on domestic crypto trading in 2017.
Huobi announced that it will “gradually retire” all of its existing Chinese users by the end of the year in order to comply with local regulations.

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