Huobi to Create Committee to Cooperate with CCP

Larfe cryptocurrency exchange operator seems to be looking for cooperation with authorities
20 November 2018   374

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.

Huobi to Join Forces with Prime Trust

As reported, HBUS will allow users to trade BTC, ETH and USDT together with the USD
06 February 2019   194

The US subsidiary of the Huobi Group - HBUS Exchange, - has entered into an agreement with a financial company from Nevada Prime Trust to support the input / output of fiat funds, reports CoinDesk.

HBUS will allow users to trade Bitcoin, Ethereum and Tether USD together with the US dollar.

At the same time, Frank Fu, HBUS CEO, stressed that the company intends to conclude several more deals in the United States.

At this stage, HBUS intends to work with institutional clients and ensure legal compliance of its activities, after which it will start working with a wider audience. In 2019, the company also plans to increase its staff to 150 employees.

According to Fu, about 60,000 US residents and several dozen users from China are registered with HBUS.

In the listing of the platform there are such coins as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic and Tether USD. However, its representatives are considering the possibility of adding other tokens in the future.

As reported, Huobi’s new global asset flows could indirectly give Chinese traders the ability to convert yuan for cryptocurrency through Huobi Global’s OTC desk, then send the cryptocurrency to the U.S.-based exchange to cash out in USD.

It is also worth mentioning that the Australian Goldfields Money is the banking partner of Huobi Global.

Huobi became the leader in commission fees among Bitcoin exchanges in 2018. She earned $ 483 million.