Huobi disbanded China’s former exchange operator

According to public information, the stakeholders of the Chinese company established to operate the cryptocurrency exchange Huobi have decided to dissolve the entity record.

The company, Beijing Huobi Tianxia Network Technology Co., Ltd., is Established At the end of 2013, Li Lin, the founder and CEO of Huobi Group, held 70.52% of the equity. It has a registered capital of RMB 10 million (US$1 million) and has five subsidiaries.

After passing a resolution in favor of dissolution on July 22, stakeholders will now cancel Beijing Huobi Tianxia within 45 days. The creditors are requested to declare their claims to the liquidation team led by Li at the same time.

As of press time, the share price of Huobi Technology Co., Ltd., a subsidiary of Huobi Group, has fallen by 21.88% during the trading hours on July 27.

The public record also shows that OKEx-like Huobi, has Beijing’s crackdown on cryptocurrencies in 2017 -It also decided to dissolve a Chinese entity called Beijing Lekuda Network Technology Co., Ltd. on June 24. OKEx founder Xu Mingxing, also known as Xu Xing, will oversee the company’s liquidation and liquidation process.

related: Is China’s encryption industry gone?Beijing’s repression keeps sending shock waves

The dissolution of the two entities is coming In the new period of Government pressure on the cryptocurrency industry, The goal includes its social media and Internet presence, and also Mine. Bobby Lee, who runs China’s first cryptocurrency exchange BTCChina, recently expressed his concern that in 4 or 5 years, Beijing may Take action to completely ban cryptocurrencies.

At the same time, the development of e-CNY, a centralized digital renminbi issued by the Central Bank, is advancing rapidly as a clear National competitors for decentralized cryptocurrencies.

Cointelegraph has contacted Huobi for comments and will update this article with more information in due course.