- Major crypto exchanges are closing business in Beijing amid China’s crypto crackdown.
- Four out of five Huobi subsidiaries have already closed their branches in mainland China.
- OKCoin and OKEx also closed down their Beijing operations in June.
In what marks another severe blow to crypto investors in China, major crypto exchanges Huobi and OKCoin are closing their subsidiaries in Beijing. It is likely that the move is due to China’s increased scrutiny of the sector.
Last Thursday, Beijing Huobi Tianxia Network Technology Co applied to cancel the company’s registration after its “resolution of dissolution”. The liquidation group is a mainland Chinese subsidiary of the Huobi Group.
A Huobi representative commenting on the cancellation stated that the company registered the branch years ago. However, it remained a non-operating entity. “Because this entity has not had any business operations, it was deemed unnecessary, which led to its cancellation,” they said.
Out of five total Beijing Huobi mainland subsidiaries, four have already been deactivated. Only one remains, and that too has only 1 percent stake owned by Beiji...