Huobi Creates New Committee to Work With China’s Communist Party

Cryptocurrency-focused Huobi Group has set up a Communist Party committee at a Beijing-based subsidiary.

Cryptocurrency-focused Huobi Group has set up a Communist Party committee at a Beijing-based subsidiary.

The company – which operates the Hong Kong-based exchange of the same name, currently third largest globally by adjusted trading volume – announced the news on its website on Nov. 16, saying it was “necessary to implement” Communist Party principles and policies into private companies.

The move, which is reportedly a first for the Chinese cryptocurrency and blockchain space, is also aimed to garner party support for the firm in its domestic businesses, it said.

Huobi founder and CEO Li Lin called the new committee “a milestone” for his firm at a launch ceremony that saw 50 staff in attendance.

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