According to the latest information coming from U.S subsidiary of Huobi exchange, the company behind the Chinese-founded Huobi is in the crypto news today for creating a Communist Party branch in order to be compliant with the Chinese law.
Huobi has shown massive expansion over the past year and showed really close relations with the government. Local news South China Morning Post notes that the company is forming the Communist Party branch at a subsidiary Beijing Lianhuo Information Service.
According to Chinese law, any company that has more than three Communist Party member employees must set up its own branch which was a practice recently confined only to state enterprises.
Now Huobi is the first cryptocurrency company and industry business to start this tradition in the crypto world following major retailers Baidu and Alibaba.
A Huobi official said at the opening:
“Today is a milestone for our company.“Under the cordial care of the Party Working Committee of Haidian Park, the party branch of the Beijing Lianhuo Information Service Co., Ltd. has been gloriously established.”
China still remains, however, a difficult place for cryptocurrency businesses since it is a very complex jurisdiction. They already banned trading and ‘’propaganda’’, created this cautious atmosphere and investors got spooked while many other crypto outputs lived to their slow exodus to Hong Kong.
Huobi is now at number three of the world’s largest crypto exchange by trade volumes, daily seeing more than $754 million in trades.
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