Coin Edition -
- Justin Sun, reportedly, has been recruiting Chinese customers to expand Huobi’s trade worldwide.
- The people familiar with the matter stated that Sun has been catering to Chinese customers over the past two months.
- Huobi has been witnessing huge losses of almost $10 million per month.
Justin Sun, the cryptocurrency entrepreneur and founder of the blockchain DAO ecosystem Tron, being the official advisor of the crypto exchange Huobi, has been reportedly catering to Chinese customers after two years of the Chinese crypto ban.
Notably, on 31 March, Bloomberg tweeted that the crypto mogul Justin Sun’s controversial strategy for regaining lost market share at Huobi Global.
Inside crypto mogul Justin Sun's controversial strategy for regaining lost market share at Huobi Global https://t.co/UTh56PFWJK— Bloomberg (@business) March 31, 2023
Previously, in 2021, Huobi shifted much of its operations to Singapore, cutting off the ties with Chinese customers when the government of China outlawed the crypto market in China.
Interestingly, the people familiar with the matter informed that Sun has currently shared his preference to retrieve Huobi’s crypto trade in China. It was also revealed that he has used almost $200 million of his wealth to contribute to the company.
Significantly, Sun commented that by attracting Chinese customers, the company could attain universal acceptance, reaching a worldwide establishment. He added that the company currently has a huge loss of almost $10 million a month, and was about to cut short its branches to compensate for the losses.
The people familiar with the matter, who refused to reveal their identity, reported that the advisor had been recruiting Chinese customers over the past two months.
Notably, Huobi declared that it has exited the Chinese market and barred Chinese users from signing up or logging in, adding that the Chinese Internet Protocol addresses are “strictly prohibited” from accessing the platform. Also, the company asserted that the new customers are “from anywhere but China”.
It is noteworthy that the Chinese regulators haven’t bestowed any sanctions on Chinese users to sign up for any crypto activities since the crypto ban. However, the citizens could access other crypto trading centers using virtual private networks (VPN) to conceal their nationality.
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