Huobi moved extensive parts of its operations out of China

Syed AhadWeb Editor

29th Sep, 2021. 07:26 pm
Huobi

Huobi Global cryptocurrency exchange moved extensive parts of its operations out of China, mainly to cryptocurrency-friendly Singapore, as per former and current workers of the exchange.

Huobi effort to create overseas operations as China’s previous crackdown on cryptocurrency exchanges in September 2017.

The next month, the firm set up a distinct authorized unit in Singapore.

However senior management and part of its staff stay to work in China, till May of the present year.

Later then, significant parts of operations like business development and marketing began moving overseas, whereas the less-controversial technical teams stays in China, as per former and current workers.

It would seem like Huobi’s firm in China was just a technology provider for a cryptocurrency exchange that was headquartered and operated overseas, possibly protecting the firm from another crackdown, as per sources.

The People’s Bank of China (PBoC) publicized the newest restrictions, which seem to expose even the tech staff Huobi left in place:

“For domestic staff of relevant overseas virtual currency exchanges, as well as legal persons, unincorporated organizations and natural persons who know or should know that they are engaged in virtual currency-related businesses and still provide them with services such as marketing promotion, payment and settlement, technical support, etc., they shall be investigated in accordance with the law.”

Adsence 300X250