October 20, 2020

Members of the Chinese Communist Party appointed as managers of the Huobi crypto exchange

Members of the Chinese Communist Party appointed as managers of the Huobi crypto exchange

From an anonymous source it became known that several members of the Chinese Communist Party were appointed to management positions on the Huobi cryptocurrency exchange.

According to experts, the decision to block accountsAmerican customers of the trading platform was adopted by representatives of the Communist Party. US citizens must withdraw financial assets from Huobi Global by November 13 and then open new accounts on the American Huobi US platform, which complies with US legal requirements.

The Hong Kong crypto community fears thatChinese authorities want to take control of leading financial enterprises and the blockchain industry. The statement by the Secretary General of the Central Committee of the Communist Party of China, Xi Jinping, on the need to develop technology for distributed databases and develop the national digital asset Central Bank Digital Currency (CBDC) is fueling the flames.

In October 2019, Binance Exchange launched in Chinapeer-to-peer trading system. Platform users can buy or sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) for RMB. The Chinese make payments in the Alipay and Wechat Pay mobile applications and thus circumvent the current ban on trading virtual currencies. Alipay executives said the company’s employees are monitoring transactions for their links to the illegal acquisition of digital assets. The company announced that it will terminate the contract with all customers who use Alipay services in the cryptocurrency trading process.