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Huobi closes Beijing entity amid crypto crackdown

Tuesday 27 July 2021 10:29 CET | News

Huobi, a Chinese crypto exchange, has been the latest crypto exchange to make changes to its corporate structure in China, according to CoinDesk.

On 22 July 2021, Huobi dissolved an entity called Beijing Huobi Tianxia Network Technology and will deregister it in 45 days, CoinDesk cited a notice posted on China's national enterprise system. The dissolved entity was set up ‘in the early stages of development’ and ‘has not had business operations’, a company spokesperson told CoinDesk via WeChat.

The founder and CEO of Huobi, Leon Li, owns 70.52% of the entity, according to company information platform Aiqicha. Li is named as the contact person for any creditors wishing to file liquidation claims before the entity is deregistered.

The Chinese characters for Huobi appear to be censored on the company information platform, as they have been on social media since June 2021. The entity has USD 1.54 million in registered capital and five subsidiaries in China, according to Aiqicha.

Chinese authorities have been cracking down hard on the local crypto mining industry. Huobi stopped offering leverage trading to users in China in late June 2021.


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Keywords: Bitcoin, cryptocurrency, cryptocurrency exchange, trading platform
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: China
This article is part of category

Blockchain & Cryptocurrencies