Chinese Crypto Tycoon Wants $3 Billion for Huobi Stake Deal

Chinese Crypto Tycoon Wants $3 Billion for Huobi Stake Deal

Leon Li, the co-founder of global crypto exchange Huobi is wrapping up plans to sell most of his shares in the company valued at $3 billion Bloomberg reports.

According to Houbi group spokesperson, Li has already informed his business associates about his decision and announced at a shareholders meeting in July that he might hand over his roles in the company to focus on his ailing health.

Li in talks with investors seeking to offload a stake

 Li has had conversations with various bankrollers seeking to grab a 60% state in the crypto company, and it is reported that Tron founder Justin Sun and cryptocurrency firm FTX are the interested parties seeking to take over. If sold at 3 billion, this could be one of the biggest share sales, according to Bloomberg.

Those that are reportedly in talks for the share transfer include Tron founder Justin Sun as well as cryptocurrency firm FTX. With Li’s target valuation of US$2 billion to US$3 billion, the share sale could be worth more than US$1 billion, Bloomberg reported.

Houbi faces regulators over Compliance

Houbi, which was launched in 2013, took the industry by storm becoming one of the biggest crypto exchanges. It has however been having a hard time with regulators. Thailand’s securities regulator sought to shut down digital-asset exchange Huobi, revoke its license and have it return all client assets within three months, saying the company has fallen short of regulatory compliance.

Houbi quits Beijing

In September, Huobi founders and backers also voted at a stakeholder meeting to quit trading in China after years of growing government scrutiny that showed the company was involved in inside trading. Following their decision, Chinese regulators announced that all crypto transactions and services were banned in the country

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*