Huobi Co-Founders Set Up New Chinese Entity

The crypto exchange deregistered a Beijing entity in July, amid a regulatory crackdown on crypto.

AccessTimeIconNov 26, 2021 at 10:21 a.m. UTC
Updated May 11, 2023 at 7:08 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The co-founders of crypto exchange, Huobi Global, created an entity in Beijing on Nov. 15, according to the Beijing government’s company registry.

  • The new entity is listed under the name Beijing Chiyu Mushou.
  • Enterprise information database Tianyancha shows that the company has RMB 1 million (US$156,000) in registered capital. Leon Li, the founder and CEO of Huobi, has a controlling interest in the new entity, holding 58% of the shares. Huobi co-founder Du Jun holds 15% of shares.
  • A Huobi representative said the formation of the new entity is a “personal matter of the shareholders.” It does not relate to Huobi or affect its decision to expel the mainland China user accounts, the spokesperson said via WeChat.
  • Huobi dissolved one of its entities in Beijing in July this year. The company also announced it would be expelling China users by the end of 2021 after China effectively banned crypto trading.
  • In September, China’s central bank and 10 other ministries issued a notice saying that it was illegal for overseas exchanges to provide online services to residents in China. Employees of overseas exchanges within mainland Chinese borders can be prosecuted for providing such services.
  • Huobi said that it will cease offering services to Chinese users by year end. It also announced it would stop offering services to users in Singapore from March 31 2022.
  • Huobi Global is a crypto exchange under the Seychelles-based Huobi Group.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.