Huobi to Create Committee to Cooperate with CCP

Larfe cryptocurrency exchange operator seems to be looking for cooperation with authorities
20 November 2018   515

The Huobi cryptocurrency exchange unit in Beijing set up a committee to cooperate with the Chinese Communist Party. Thanks to a new initiative, Huobi plans to receive support from the country's ruling party in the region, CoinDesk reported.

In a blog, Huobi representatives said that the principles and policies of the Chinese Communist Party should be implemented in the work of private organizations. Huobi founder Li Lin noted that the creation of a committee is an important milestone in the company's history.

According to the demand of the Chinese Communist Party, state-owned companies with at least three employees are required to create such committees. However, according to local media, in recent years, this practice has become popular among private firms.

Note, cryptocurrency trading in China is prohibited. Therefore, in the country, the Huobi team has opened a consulting and research unit and does not exchange digital assets.

Despite the restrictions imposed on the cryptoindustry, the Chinese authorities are actively promoting blockchain development in the country. In August, the Chinese Communist Party published an educational book about distributed registry technology for government officials.

Japan May Initiate Unscheduled Exchage Check

An anonymous source toldĀ the investigation of the authorities affected the Fisco and Huobi Japan due to the alleged structural changes in the management
23 April 2019   132

The Financial Services Agency of Japan (FSA) has begun an unscheduled check of two local crypto exchange for their customer protection standards and legal compliance. It is reported by the Cointelegraph, citing Reuters Japan.

An anonymous source told reporters that the investigation of the authorities affected the Fisco and Huobi Japan exchanges. Apparently, the regulator paid close attention to these platforms due to the alleged structural changes in the management of the companies.

Note, at the end of last year, the Bitcoin exchange operator Zaif transferred the business to the investment company Fisco after the platform was hacked in the fall.

According to an anonymous informant, the FSA was also interested in anti-money laundering measures taken by the exchanges. During the test, the regulator considered them insufficient.

In February, the National Police Agency of Japan reported that money laundering with the help of cryptocurrencies increased 10 times in the country.