Huobi Exchange Opens Committee for Contact with the Chinese Communist Party
Cryptocurrency company Huobi Group has set up a committee to liaise with the Chinese Communist Party based on its Beijing branch, CoinDesk writes..
The company, which is the operator of the cryptocurrency exchange of the same name, which currently ranks third in the world in terms of daily trading volume, announced the creation of a committee on its website, noting that the implementation of the principles and policies practiced by the Communist Party is a prerequisite for the activities of private firms.
Huobi’s initiative to move closer to Chinese authorities is likely the first of its kind for the blockchain and cryptocurrency space. Among other things, it aims to attract support to the local business of the company, she said..
Huobi Founder and CEO Li Ling described the creation of the new committee as a “milestone” for the company, and its launch was accompanied by a ceremony attended by 50 employees.
After Chinese regulators significantly restricted the activities of the cryptocurrency business in their jurisdiction, many exchanges were forced to move to other countries. While Huobi continued to exchange cryptocurrencies from Singapore, it retains a consulting and research division in China..
The Communist Party requires companies with three employees to set up such committees, and local public organizations usually do not violate the established order, the media noted. In recent years, the practice has also become common among private companies..
Along with the ban on the activities of cryptocurrency firms, the Chinese Communist Party continues to promote developments in the field of blockchain and actively raises awareness of this industry among its members..
Earlier it became known that Huobi has big plans for its new division in Russia.