Huobi’s move follows a similar decision by crypto exchange OKEx, which resolved to dissolve its China-based entity in late June.
Stakeholders in the Chinese firm that was founded to operate cryptocurrency exchange Huobi have resolved to dissolve the entity, according to publicly available records.
The firm, Beijing Huobi Tianxia Network Technology Ltd., was established in late 2013 and is 70.52% owned by Li Lin, the founder and CEO of Huobi Group. It has 10 million yuan ($1 million) in registered capital and a total of five subsidiaries.
“This is an entity that Huobi has registered in Beijing years ago, in the early stages of development,” Huobi told Cointelegraph: “Because this entity has not had any business operations, it is unnecessary and has applied for cancellation.”