Huobi Considers Name Change And Seeks Buyer

Hong Kong based crypto exchange Huobi Technology Holdings proposes to rename the group to New Huo Technology Holdings Limited. It is also reported that it is seeking to sell a controlling stake in the company. Shareholders will be able to vote on the proposed name change at the October 13th meeting. In August, Huobi tried to sell a 60% stake in the company, which would have valued the business at $3 bln. However, the founders of FTX and Tron, allegedly potential buyers, denied making a bid.

Huobi left China after the crypto ban to take advantage of international opportunities. But the firm is facing backlash from regulators in Southeast Asia, with the Thai SEC confiscating the exchange’s license and Malaysian regulators in discussions with Huobi about putting it on an investor warning list.

In September, Huobi delisted a series of “privacy cryptocurrencies” that could hide transaction addresses and track ownership. These cryptocurrencies have been under scrutiny by regulators to facilitate payments for criminal activity and money laundering.

By cexcadm

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