Huobi Group Sets Up Crypto-Focused Communist Party Committee to Work with China

Huobi’s and made an interesting move – to fulfill its obligations to China, its parent company established a community party brand. Huobi confirmed this move on November 16.

The platform was founded in China and has significantly expanded this year on a global level. Despite the expansion, the company has also been trying to maintain a closer connection to the Chinese government. According to South China Morning Post, Huobi established a party branch, called Beijing Lianhuo Information Services.

The branch’s establishment ceremony featured a large audience and speeches from several individuals, including CEO Li Lin of Huobi. Chinese law dictates that if a company has more than three members of the community party, it must establish a separate branch. Even though this rule was specific to the government, Huobi is one of the first private companies to follow suit. Li stated, “Today is a milestone for our company.” He added, “Under the cordial care of the Party Working Committee of Haidian Park, the party branch of the Beijing Lianhuo Information Services Co., Ltd. Has been gloriously established.”

China, to date, is one of the most challenging countries to maintain a cryptocurrency-related business due to the anti-cryptocurrency stance that the government has taken. As a result, many cryptocurrency platforms have moved to Hong Kong.