Hong Kong Based Asset Management Firm Acquires Controlling Stake in Asian Crypto Exchange Huobi – About Capital Management recently acquired Li Lin’s controlling stake in Huobi, one of Asia’s largest cryptocurrency exchanges, for an undisclosed sum. Huobi was purchased by the Hong Kong-based asset management firm shortly after the cryptocurrency exchange exited the Chinese market.
About Capital Management, a Hong Kong-based asset management firm, recently acquired founder Li Lin’s stake in Huobi, making it the firm’s largest shareholder. The acquisition of the Asian crypto exchange by the secretive asset management firm has put an end to rumors that Sam Bankman-Fried’s FTX, Binance, and Justin Sun were interested in buying, or had already bought, Huobi.
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Lin hinted that he wanted to leave the Chinese market after his arrest by local law enforcement in 2020, according to a Wublockchain report. “Without Huobi, everyone still has Binance and Okx. If you are disappointed, I’m sorry,” Lin reportedly said in a post shared via Wechat.
Huobi, which has licenses to operate in the United States, Hong Kong, South Korea, and Japan, initially blocked Chinese residents from the platform in 2021 before exiting its biggest market in 2022. Nonetheless, the difficulties that the crypto exchange encountered after exiting the Chinese market may have forced Lin to consider exiting the crypto exchange business entirely, according to the report.
Hong Kong Based Asset Management Firm Acquires Controlling Stake in Asian Crypto Exchange Huobi – While there has been no official confirmation of the price paid by About Capital Management for Lin’s shares, market rumors suggest the transaction is worth around $3 billion.
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