Justin Sun, the esteemed cryptocurrency entrepreneur and visionary behind the blockchain DAO ecosystem Tron, has been serving as the official advisor for the esteemed crypto exchange Huobi. Sun has reportedly been focused on providing exceptional service to Chinese customers in light of the two-year Chinese crypto ban, demonstrating his unwavering commitment to the industry and its global community.
On the 31st of March, Bloomberg took to Twitter to report on the intriguing tactics employed by crypto tycoon Justin Sun in his quest to reclaim lost market share at Huobi Global.
In 2021, Huobi strategically moved to relocate a significant portion of its operations to Singapore in response to the Chinese government’s ban on the cryptocurrency market. This decision resulted in a necessary separation from Chinese customers, as Huobi prioritized compliance with regulatory requirements.
According to insiders, Sun has expressed a keen interest in reclaiming Huobi’s cryptocurrency exchange in China. Furthermore, it has been disclosed that he has generously invested a staggering $200 million of his fortune into the company.
Sun emphasized capturing the Chinese market to achieve global recognition and establish a worldwide presence. However, he acknowledged the company’s current financial challenges, with a monthly loss of nearly $10 million. To mitigate these losses, the company is considering reducing its branch network.
According to anonymous sources, the advisor has been actively seeking out Chinese clientele for the past few months.
Huobi has made a significant announcement, stating that it has officially withdrawn from the Chinese market and has implemented measures to prevent Chinese users from accessing its platform. The company has clarified that Chinese Internet Protocol addresses are strictly prohibited from logging in or signing up. Furthermore, Huobi has emphasized that it will only accept new customers from countries other than China. These measures demonstrate Huobi’s commitment to complying with regulatory requirements and ensuring a safe and secure trading environment for its users.
It is important to highlight that Chinese regulators have refrained from imposing penalties on Chinese individuals who engage in cryptocurrency activities following the ban. Nevertheless, citizens have resorted to utilizing virtual private networks (VPN) to mask their identity and access alternative cryptocurrency trading platforms.
