Huobi Acquired by Capitals, Co-Founder Leon Li Sells Shares in Crypto Exchange: All Details

According to the company, Huobi Global’s controlling shareholder Leon Li has sold his entire stake in the crypto exchange operator and will cease to participate in its activities. Li sold his stake in Huobi to an acquisition company managed by About Capital Management (HK) Co., the company said in an emailed statement. The co-founder will no longer be involved in any aspect of Huobi Global’s business, according to a Huobi spokesperson. Bloomberg reportedly intends to sell in August.

Once the most active Bitcoin exchange, in recent years, Huobi has retreated from China, which was once their largest source of revenue and user base. Li’s exchange stops providing services to Chinese users after Beijing announced electronic money illegal transactions last year. The stock market has since accelerated its expansion into overseas markets including Turkey and Brazil, but is battling larger rivals such as Binance and FTX.

“After Huobi withdrew from the Mainland China market in 2021, we accelerated our globalization amid a challenging market environment, which further motivated Huobi to look for a new one. new share structure with global vision and international resources,” Li said in the statement.

The transaction does not affect Huobi’s core operations and business management team, Huobi said.

Huobi was co-founded in 2013 by former Oracle Coder Li, who quickly turned the Beijing startup into the world’s most active Bitcoin exchange by charging zero transaction fees in 2017. Chinese regulators have ordered local exchanges to stop storing fiat-to-cryptocurrency transactions, the first in a series of statements that quell the perceived threat to cryptocurrencies. financial stability of the country.

At various times, Li has ceded the day-to-day management job when dealing with health issues. The current CEO is Hua Zhu, a former Alibaba technology engineer who joined Huobi in 2020.

In an interview for a 2020 Bloomberg News story, Li said he had never received any official notice of banning him from leaving China but he chose not to, unsure of what to expect. risks will be encountered.

© 2022 Bloomberg LP

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