Cryptocurrency exchange operators Huobi, OKCoin to close Beijing subsidiaries amid China’s crackdown
- The latest moves by Huobi and OKCoin follow the central government’s actions against businesses related to bitcoin and other cryptocurrencies
- BTCChina, which once ran the country’s largest cryptocurrency exchange, completely exited from bitcoin-related activities in June
Beijing Huobi Tianxia Network Technology Co applied last Thursday to cancel the company’s registration after its “resolution of dissolution”. Creditors must declare their claims to the liquidation group within 45 days of that announcement, according to company records on the National Enterprise Credit Information Publicity System’s website.
Beijing Huobi was “registered years ago” and remained a non-operating entity, according to a Huobi representative. “Because this entity has not had any business operations, it was deemed unnecessary, which led to its cancellation,” the person said.
On the dissolution of OKCoin’s Beijing subsidiary, a representative of Beijing Lekuda said the move was part of its “normal adjustment of operational entities”.
Cryptocurrency exchange platforms are moving to distance themselves from Beijing after the central government intensified its campaign against businesses related to bitcoin and other digital tokens.
Cryptocurrency prices have seen sharp fluctuations. Bitcoin, the world’s biggest cryptocurrency by trading volume, was priced at US$37,000 by Tuesday noon, down from its peak of about US$60,000 in mid April.