Huobi Exchange Dissolves Its Beijing Firm Upon Regulations

Huobi Exchange Dissolves Its Beijing Firm Upon Regulations

Among the crypto-regulated countries around the world, the one which all crypto exchanges fear in particular is China. The Chinese crypto regulatory bodies and their reforms are the most effectual of all. Amidst all this, few well-established crypto exchanges like the Huobi Exchange which are quite prominent in the country are making changes to suit its regulations.

 Huobi’s Decisions

The Seychelles-based cryptocurrency exchange spreads across many countries, more prominent in China and others like South Korea, Japan, and the United States. However, the exchange is quite popular in China though. 

In spite of its popularity in China, Huobi sets forth to make changes in order to adapt itself according to the Chinese regulations. 

Accordingly, Huobi has announced recently that it will be dissolving and shutting down one of its firms, the Beijing Huobi Tianxia Network Technology Co. Ltd. Also, the firm has been shut down since July 22 and in a period of another 45 days, the license for the firm will be deregistered. 

 Furthermore, an interview given by Huobi representative to CoinDesk, reveals that the Beijing firm was actually only in its initial stages of development. Also, complete business regards operations have never been started for the Beijing firm of Huobi.

Moreover, all this is the aftermath of the crypto regulations put forth by the Chinese government. The most scrutinized are the crypto mining sectors, the crypto exchanges, and other crypto media platforms.

Regarding Huobi

The main stakeholder for Huobi’s Beijing firm is none other than the CEO of Huobi, Leon Li himself. Leon Li accounts for about more than 70.52% of the Beijing firm of Huobi.

Accordingly, the Beijing firm has about 10 million yuan which approximates to 1.54 million spread across its five branches in China. 

Amidst all this, the Huobi platform’s Chinese encryptions have been completely removed from all its media and social media platforms.

Apart from Huobi, another prominent and one of the oldest exchanges of china has also shut down its Beijing-based branch. This is none other than OKCoin, shutting its complete trade in China.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.