The crypto ban in China lowers the income and encourages Huobi to become global

china's ban on private digital assets will destroy almost a third of Huobi Global's income, one of the largest cryptocurrency exchanges in the world, and forcing it to look for growth, said the co -founder.

HUOBI is forced to cut off its customers in China and to give up 30 percent of his income against cryptocurrencies due to the country's procedure. In order to compensate for this loss, the stock exchange plans to search for customers in other financial centers, which underlines the global effects of the Chinese decision.

"Between the end of September to December 31st we are in the process of hiring the service for all of our Chinese users. There will be no Chinese users on the platform.

Huobi is one of the few exchanges that have benefited from the fact that Bitcoin, as a price of digital, reaches the mainstream markets, Coin has reached a number of all-time highs since March last year. Huobi, FTX, Coinbase and some other start-ups did that into a company.

jun emphasized that 70 percent of the company's sales were already achieved abroad, but said that it accelerates its efforts to expansion global expansion and quadrupled its global number of employees of currently 1,000.

"We feel very comfortable in Asia and are leading here, but we need a new focus, we have to be global," said the head of the stock exchange based on the Seychelles. He would not specify sales or winning figures for the business.

by 2018 China enjoyed an overwhelming dominance on the Bitcoin markets, as it housed most of the mining and commercial activities. But in the past four years, a number of raids culminated in the fact that Beijing banned all digital assets this October. The United States has already overtaken China as the largest mining center.

The changing regulatory wind forces Huobi, China's largest stock exchange and maintains close connections to political elites to aggressively expand its global activities and aims at countries and regions such as Russia, Turkey and Latin America for private customers as well as Europe and the USA from large investors who work in professional markets.

In October, digital assets were worth $ 211 billion on the platform to the owner, 74 percent less since the ban in May, according to the data specialist CryptoCommare.

jun founded the stock exchange in September 2013 together with his business partner Leon Li, a former Oracle computer engineer, although Jun initially thought that Bitcoin had gained value too quickly to be anything but a fraud.

"Leon suggested: How about if we don't buy the asset, but simply do something like an exchange?" he said.

After their conversation, they rated the two existing crypto exchanges in China, the MT Gox and BTC China, which are no longer existing. They estimated that the platforms earned $ 500,000 every month. So they acted according to the idea and chose a name, the "fire" means coin "and attracts dealers without transaction fees.

The stock exchange is a private company and states that he has no "direct relationship" to Hong Kong Huobi Technology, which also operates an asset management low that offers crypto -related funds, even though she "shares a main shareholder and founder" with Leon Li.

Although the income was shortened in China, Huobi celebrates his eighth birthday by giving away "millions" in crypto, sending a user to be elected to space and follows the Peer FTX for prominent.

jun, who heads Singapore's business, wants to internationalize half of his workforce. However, the stock exchange has not planned a global headquarters, but prefers its current “decentralized structure” with employees worldwide.

It also increases its compliance department, since regulatory problems could arise in the coming years if the platform continues to penetrate the most important financial centers.

HUOBI has the controversial stable coin tether worth more than 2 billion. This could also bring the platform into the visor of the supervisory authorities in the USA, Great Britain and Europe because it tightens its supervision of crypto activities.

A study by the National Bureau of Economic Research says that Huobi and Binance served as a "gateway for money laundering and other gray activities" due to a lack of know-your-customer check. A spokesman for the stock exchange said that users have to go through “rigorous” KYC processes in order to be able to act through a certain amount and to be able to convert currencies into digital coins.