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.

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.

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