Hong Kong-Based Asset Management Firm Acquires Majority Stake in Asian Crypto Exchange Huobi – Bitcoin News

Li Lin’s controlling stake in Huobi, one of the largest cryptocurrency exchanges in Asia, was recently acquired by About Capital Management for an undisclosed sum. The Hong Kong-based asset management company’s acquisition of Huobi came shortly after the cryptocurrency exchange exited the Chinese market.

Lin’s arrest in 2020, a key event for the founder of Huobi

Hong Kong-based asset management firm About Capital Management recently became the largest shareholder in crypto exchange Huobi after acquiring founder Li Lin’s stake in the company. The acquisition of the Asian crypto exchange by the “secretive” asset management firm has ended rumors that suggested that FTX, Binance and Sam Bankman-Fried’s Justin Sun were interested in buying, or had already bought, Huobi.

According to a report by Wublockchain, after his 2020 arrest by local police, Lin hinted that he wanted to leave the Chinese market.

“Without Huobi, everyone still has Binance and Okx. If you’re disappointed, I’m sorry,” Lin said in a post shared via Wechat.

Huobi encountered more problems after exiting the Chinese market

After initially blocking Chinese residents from the platform in 2021, Huobi, which has licenses to operate in the United States, Hong Kong, South Korea, and Japan, proceeded to exit its largest market in 2022. However, users Problems the crypto exchange encountered after it exited the Chinese market may have forced Lin to consider leaving the crypto exchange business altogether, the report concluded.

While there has been no official confirmation of the amount About Capital Management paid for Lin’s shares, some market rumors suggest the takeover deal is worth approximately $3 billion.

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Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic problems of some African countries and how digital currencies can provide Africans with a way out.

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