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Huobi considers name change as it reportedly seeks a buyer

Exchange

forkast.news 22 September 2022 08:23, UTC
  
Reading time: ~2 m

Crypto exchange Huobi Global’s Hong Kong-listed parent, Huobi Technology Holdings, is proposing renaming the group to “New Huo Technology Holdings Limited,” while it reportedly seeks to sell a majority stake in the company.

See related article: Huobi-incubated Chinese NFT platform iBox ends international operations 

Fast facts

  • Huobi Technology said a name change will “provide the Company with a fresh corporate image and identity” while helping with developing business.
  • Shareholders will be asked to vote on the proposed name change in a meeting on Oct. 13.
  • In August, Huobi was reportedly seeking to sell a 60% stake in the company that would value the business at US$3 billion. However, the founders of FTX and Tron, speculated as potential buyers, denied making a bid.
  • Huobi did not respond to Forkast‘s request for a comment at the time of publication.
  • After the crypto ban, Huobi left China to pursue international opportunities. But the firm is facing a regulatory backlash in Southeast Asia, with Thailand’s SEC confiscating the exchange’s license and Malaysian regulators discussing with Huobi the possibility of being placed on an investor warning list.
  • Huobi in September delisted a series of “privacy crypto” that could hide transaction addresses and tracing of ownership. These cryptos were under scrutiny from regulators for facilitating payments for criminal activities and money laundering.

See related article: Huobi is third global exchange to sign with S.Korea’s Busan


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