Leon Li Lin, a Chinese founder of the Huobi cryptocurrency exchange has confirmed that he would be handing over his stake to the Hong Kong fund About Capital as per Saturday’s release.
“I am no longer a shareholder of Huobi Global and do not have any authority, directly or indirectly, over Huobi Global,” said Li in the post, furthering that he believes the new controlling shareholder “will bring new momentum to the globalization” of the company.
As per a statement by the company, when the deal is finalized, Huobi intends to “embrace a series of new international brand promotion and business expansion initiatives,” which will include the injection of capital, the company also added that the change in stake’s ownership will not affect the core operation as well as the business management of the team.
In a media interview granted to a representative of Huobi Global, he said that the worth of the deal can not be disclosed.
Huobi Global was founded in 2013 and since its founding, it has risen to the status of one of the world’s largest cryptocurrency exchanges until the Chinese government’s crackdown on cryptocurrency that led to the company moving its base out of the country.
Although some Chinese users are still able to evade the rules and access Huobi’s services in China, there was a significant reduction in the number of users of the exchange post China crypto crackdown.
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JUSTIN Sun Denied Huobi Acquisition Report
Recall that in August, MyCryptoParadise reported that Leon Li was in talks to sell majority of his stake, as of then, Tron’s Justin Sun, FTX’s Sam Bankman-Fried leading the acquisition race.
However, recent reports from multiple sources say that Justin Sun bought Leon Li’s stake in Huobi.
Justin Sun has responded to the news saying that he was only an advisor to Huobi Global.
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