Huobi Global to be Acquired by About Capital

There are more new and exciting events that are taking place in the crypto space these days. Check out the latest reports below involving Huobi crypto exchange.

Crypto exchange Huobi Global, is one of the biggest token trading outposts in the Asia markets. The exchange said late Friday that it has agreed to be purchased by Hong Kong-based investment company About Capital Management’s M&A fund.

In a blog post, Huobi Global, a top-10 exchange by trading volume, said About will “control the majority stake” of Huobi once the deal closes; it also stated the fact that the ownership transfer will have no impact on trading operations.

As the online publication CoinDesk notes, the news comes after months of speculation and reports that founder Leon Li was seeking a buyer for his nearly 60% stake in Huobi, and was asking for at least $1 billion.

The same online publication noted that the terms of the deal with About Capital were not disclosed.

Under new ownership, the exchange is plotting an international expansion and will receive an “injection of sufficient capital in margin and risk provision fund,” the blog post said.

Last month we were revealing that the exchange cited its own token management policy and compliance efforts as the main reasons for delisting seven privacy coins.

Crypto exchange Huobi will delist seven different privacy coins from its platform as regulatory pressure mounts on anonymity-enhanced currencies (AECs).

As Cointelegraph notes, the exchange announced that it had terminated the trading service of a number of privacy tokens including Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC) and Horizen (ZEN).

Article 17(16) of its rules list addresses “trading concealment or suspension,” which gives Huobi Global the right to conceal or suspend token trading in the following circumstances.