What is the fate of Chinese crypto exchange Huobi after exiting the US – LIFESTYLE BY PS icon

What is the fate of Chinese crypto exchange Huobi after exiting the US market in 2019?


The concept of cryptocurrency has always been a hard fish to swallow in the communist-party-led nation. Yes, China is known to be one of the major opponents of the prevalence of cryptocurrency for a host of reasons. The topic stays active in the mainstream media as China continues to clamp down on the unprecedented growth that the crypto industry has been able to register in the past couple of years. Crypto trading platforms will explore what is the current state of crypto in China and what can investors expect from this highly conventional country. 

People can always expect an unanticipated turn of events that usually occur in this country as the government officials in the country never rule out their scepticism. Well, it might be good in some instances but is quite debilitating in most of the recent instances. Crippling the ability of millions to trade on crypto exchanges and shutting down profit-making crypto exchanges is just one of many examples of atrocities that the crypto industry has been subjected to in recent years. 

Huobi Bounces Back 

The co-founder of the prominent cryptocurrency exchange in China, i.e., Huobi Du John recently confirmed that their company is ready to make re-entry into the US market. It had been the absence of almost 2 years when the company exited from the US market. It has exited from the US market in 2019 and not only that, it had completely ceased all of its active operations that had anything to do with the United States. The move was made by the company because it had to reassess its resources & ability to survive in the market. 

The company needed some significant time to reflect upon its overall infrastructure in order to be able to bounce back to the mainstream. The company has also made a strong statement that the sole reason to opt-out of the US market was to come back even stronger than before. It will also facilitate the company with a decent opportunity to mend its shortcomings and address the weaknesses whenever & wherever necessary. It looks forward to an integrated and impactful approach because all the strategic transformations seem to have been accomplished. 

Reimaging the market space 

It is to be noted that Huobi launched its first-ever cryptocurrency business and a crypto exchange way back in 2018 on American soil. However, John has made it pretty clear that the company is not looking forward to introducing any new crypto exchange in the US anytime soon and there will be no launching of such exchange immediately. To be precise, John wants its company to focus on the fundamental aspects of the market that has to do with asset management. 

John needs the company to focus on this particular area because it lacked severely in this space the last time it was operating in America. Therefore, he doesn’t want to repeat the mistakes that they ended up committing the last time. 

Will it be anything different for Huobi in the American market? 

The company has also not revealed any substantial information as to which business is it currently going to launch while entering into the American market once again. The news of launching a new business was quite rife but it is quite unclear as to what segment of the business will be the mainstay of Huobi this time around. The company had stepped back from the US market for a host of reasons and lack of strong commitment was one of the predominant reasons. 

There has to be an unwavering commitment to the market from all the companies that operate in the market and Huobi somehow lacked in that area as well. Moreover, Huobi also lacked in the efficient management of resources and its team tumbled down in the US market quite drastically. Hence, they wouldn’t want to see that becoming a reality again and it also called for mandatory introspection. John has made it pretty clear that exchange is certainly not a prerequisite in order to be able to enter the US market.