The Chinese government’s harsh ban on digital currency firms and mining has pushed Huobi, a leading digital currency exchange, to close down its operation in the nation. Huobi filed a ‘Resolution to Dissolve’ Beijing Huobi Tianxia Network Technology Co., Ltd., as per documents.

The notification read as follows:

“On July 22, 2021, Beijing Huobi Tianxia Network Technology Co., Ltd. was dissolved due to a resolution and intends to apply for deregistration with the company registration authority. Creditors are requested to declare their claims to the liquidation team within 45 days from the announcement date.”

Li Lin owns this subsidiary, which he created in 2013. Lin would also be responsible for liquidation claim cleaning and processing.

As per sources, a Huobi spokesman stated that the Beijing-based company “has not had any business activities and has requested for cancellation.

The Age of Crypto-Currencies in China – NICKELED AND DIMED

Following OKCoin’s move to file for bankruptcy, the trading behemoth made this step. A month ago, OKCoin applied for a ‘Resolution to dissolve’ Beijing Lekuda Network Technology Co., Ltd., formed by OK Group’s Star Xu in 2012. . BTCChina was one of the first firms to cease operations in the aftermath of a strong government crackdown in China, following a long list of companies that have left the country.

Huobi said it was dedicated to its globalization strategy as it strives to acquire personnel from nations across the world, although not providing specifics regarding the breakup. The spokesman continued, 

“In addition to allowing Huobi to better service the needs of its many international users, Huobi believes that by doing so, it will also improve its ability to ensure business continuity worldwide.”

Nonetheless, because the two exchanges relocated their trading activities out of China years ago, the trading services on the two exchanges should be unchanged. On the other hand, the exchanges may have a difficult time keeping consumers who are based in the nation.

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