{{Short description|Digital currency trading platform}} {{pp-extended|small=yes}} {{Infobox company | name = HTX | logo = HTX logo.png | logo_caption = | image = | image_caption = | trading_name = | native_name = 火币 | romanized_name = | former type = | type = Public | traded_as = | industry = Cryptocurrency exchange | foundation = {{start date and age|2013}} | founder = Leon Li | defunct = | location_city = | location_country = Seychelles | locations = | area_served = | key_people = Leon Li (Chairman, Founder)<br /> Jiawei Zhu (COO)<br /> Xianfeng Cheng (CTO)<br /> Charlie Tsai (CSO)<br /> Xiaofeng Chen (Vice President)<br /> Peng Hu (Vice President) | products = | production = | services = | revenue = | operating_income = | net_income = | aum = <!-- Only used with financial services companies --> | assets = | equity = | owner = Justin Sun | num_employees = | parent = | divisions = | subsid = | website = {{URL|htx.com}} | footnotes = | intl = | bodystyle = }} '''HTX''', formerly known as '''Huobi''', is a Seychelles-based cryptocurrency exchange. Founded in China, ({{zh|c=火币网|p=Huǒbìwǎng}}), HTX now has offices in Hong Kong, South Korea, Japan and the United States. In August 2018, it became a publicly listed Hong Kong company.<ref name="listing">{{Cite web |last=Borak |first=Masha |date=2018-08-30 |title=Crypto exchange Huobi completes backdoor listing in Hong Kong |url=https://technode.com/2018/08/30/huobi-backdoor-listing-hong-kong/ |access-date=2018-08-30 |website=TechNode}}</ref> According to ''Bloomberg'', it is owned by cryptocurrency billionaire Justin Sun.<ref name=":10">{{Cite web |title=Justin Sun |url=https://www.bloomberg.com/billionaires/profiles/h-e-justin-sun/ |access-date=28 August 2025 |website=Bloomberg Billionaires Index |quote="Sun owns the cryptocurrency exchange HTX"}}</ref>
Following a 2017 ban on Bitcoin exchanges by the Chinese government, Huobi stopped Bitcoin withdrawals.<ref>{{Cite web |year=2017 |title=China's OkCoin, Huobi exchanges to stop bitcoin withdrawals |url=https://www.reuters.com/article/us-china-bitcoin/chinas-okcoin-huobi-exchanges-to-stop-bitcoin-withdrawals-idUSKBN15P0HE |access-date=12 March 2018 |publisher=reuters.com}}</ref> Huobi China continues to operate as a blockchain consulting and research platform.
{{as of|2018|03}}, Huobi processed around US $1 billion in trades daily.<ref>{{Cite web |date=6 March 2018 |title=Crypto Exchanges Are Raking in Billions of Dollars |url=https://www.bloomberg.com/news/articles/2018-03-05/crypto-exchanges-raking-in-billions-emerge-as-kings-of-coins/ |archive-url=https://web.archive.org/web/20180305191418/https://www.bloomberg.com/news/articles/2018-03-05/crypto-exchanges-raking-in-billions-emerge-as-kings-of-coins/ |archive-date=2018-03-05 |website=Bloomberg}}</ref>
Huobi changed its name to HTX in September 2023.<ref name="namechange">{{Cite news |date=2023-09-21 |title=In Huobi's HTX Rebrand, the Echoes of FTX Go Beyond the Name |url=https://www.bloomberg.com/news/newsletters/2023-09-21/in-justin-sun-s-huobi-rebrand-to-htx-there-are-echoes-of-ftx |access-date=2024-02-19 |work=Bloomberg.com |language=en}}</ref> In May 2026, HTX was sanctioned by the UK government.<ref name=":0">{{Cite news |last=Berwick |first=Angus |date=May 26, 2026 |title=U.K. Sanctions Justin Sun's Crypto Exchange Over Russia Business |url=https://www.wsj.com/finance/currencies/u-k-sanctions-justin-suns-crypto-exchange-over-russia-business-bc11b9b6 |url-access=subscription |access-date=May 27, 2026 |work=The Wall Street Journal}}</ref>
==History== Huobi was founded in 2013 by Leon Li ({{zh|c=李林|p=Lǐ Lín}}).<ref>{{Cite web |date=20 December 2013 |title=Behind China's love affair with bitcoin |url=https://www.cnbc.com/2013/12/20/behind-chinas-love-affair-with-bitcoins.html/ |website=CNBC}}</ref><ref>{{Cite web |year=2017 |title=火币与日本SBI集团将合作成立两家数字货币交易所 寻找中国创客 |url=http://www.bjnews.com.cn/invest/2017/12/07/467630.html |access-date=12 March 2018 |publisher=bjnews.com.cn}}</ref> An alumnus of Tsinghua University, Li was a computer engineer at Oracle before founding Huobi.<ref>{{Cite web |title=About Us {{!}} Huobi |url=https://www.huobigroup.com/about/ |url-status=dead |archive-url=https://web.archive.org/web/20211220041834/https://www.huobigroup.com/about/ |archive-date=2021-12-20 |access-date=2018-11-05 |website=www.huobigroup.com |language=en-us}}</ref>
On May 15, 2013, the Huobi Group (火币集团) acquired the ''huobi.com'' domain.<ref>{{Cite web |year=2013 |title=火币网：3年升值万倍的比特币 未来价值几何 |url=http://tech.hexun.com/2013-08-15/157111696.html |access-date=12 March 2018 |publisher=tech.hexun.com}}</ref> On August 1, Huobi launched a simulation trading platform, and on September 1 the Bitcoin trading platform launched.{{citation needed|date=August 2018}}
In November 2013, Huobi received angel investments from Dai Zhikang and Zhen Fund.<ref>{{Cite web |year=2018 |title=区块链鼓吹手徐小平 |url=http://news.pedaily.cn/201802/427444.shtml |access-date=12 March 2018 |publisher=news.pedaily.cn}}</ref><ref name="36kr">{{Cite web |year=2018 |title=36氪:数字货币交易所生存指南 |url=http://36kr.com/p/5118925.html |access-date=12 March 2018 |publisher=36kr.com}}</ref> In 2014, Huobi raised a $10 million venture capital investment from Sequoia Capital.<ref name="bbtnews">{{Cite web |year=2015 |title=火币集团：比特币有形化创新 |url=http://www.bbtnews.com.cn/2015/0805/115109.shtml |access-date=12 March 2018 |publisher=bbtnews}}</ref><ref>{{Cite web |year=2013 |title=月利润2个亿、红杉和IDG将投资 挖矿巨头比特大陆直奔IPO？ |url=http://money.163.com/16/1230/08/C9H7RBEK0025816E.html |url-status=dead |archive-url=https://web.archive.org/web/20190411005904/http://money.163.com/16/1230/08/C9H7RBEK0025816E.html |archive-date=11 April 2019 |access-date=12 March 2018 |publisher=163.com}}</ref> In August 2014, Huobi acquired Bitcoin wallet provider Quick Wallet.<ref>{{Cite web |date=8 August 2014 |title=Huobi.com Acquires Chinese Bitcoin Wallet Website |url=https://www.chinatechnews.com/2014/08/08/20797-huobi-com-acquires-chinese-bitcoin-wallet-website/ |website=ChinaTechNews.com}}</ref>
In December 2013, trading volume exceeded 30 billion yuan, making Huobi China's largest digital asset trading platform at the time.{{Citation needed|date=October 2020}} In June 2016, its total transaction volume reached 1 trillion RMB,<ref>{{Cite web |year=2015 |title=火币网累计交易额达10000亿 |url=http://if.stockstar.com/SS2015111700001578.shtml |url-status=dead |archive-url=https://web.archive.org/web/20180612141517/http://if.stockstar.com/SS2015111700001578.shtml |archive-date=12 June 2018 |access-date=12 March 2018 |publisher=stockstar.com}}</ref> and in November 2016 1.7 trillion yuan, accounting for more than 60% of the global bitcoin exchange market.{{citation needed|date=August 2018}} On December 22, 2016, its daily transaction volume surpassed 200 billion yuan.<ref>{{Cite web |year=2017 |title=火币集团将交易手续费统一调整为0.2% 以抑制投机 |url=http://bank.jrj.com.cn/2017/09/02151023049019.shtml |access-date=12 March 2018 |publisher=jrj.com.cn |archive-date=26 September 2021 |archive-url=https://web.archive.org/web/20210926150827/http://bank.jrj.com.cn/2017/09/02151023049019.shtml |url-status=dead }}</ref>
In September 2014, Huobi announced through its official Weibo account that 920 bitcoin and 8,100 litecoin had been wrongly deposited into 27 different accounts. The firm returned the lost cryptocurrency.<ref>{{Cite web |date=25 September 2014 |title=Chinese Bitcoin Exchange Huobi 'Loses 5,000 BTC' in £1.2m Blunder |url=http://www.ibtimes.co.uk/chinese-bitcoin-exchange-huobi-loses-5000-btc-1-2m-blunder-1467192/ |website=International Business Times UK}}</ref>
In August 2017 Huobi and OKCoin controversially invested 1 billion yuan ($150 million) of idle client funds into wealth-management products.<ref>{{Cite news |title=China's two biggest bitcoin exchanges helped themselves to $150 million in idle client funds |language=en-US |work=Wall Street Conversations |url=https://www.wallstreetconversations.com/blog/2017/8/22/chinas-two-biggest-bitcoin-exchanges-helped-themselves-to-150-million-in-idle-client-funds |access-date=2017-10-10 |archive-date=2017-10-10 |archive-url=https://web.archive.org/web/20171010155303/https://www.wallstreetconversations.com/blog/2017/8/22/chinas-two-biggest-bitcoin-exchanges-helped-themselves-to-150-million-in-idle-client-funds |url-status=dead }}</ref><ref>{{Cite news |date=22 August 2017 |title=China's biggest bitcoin exchanges are facing scrutiny over how idle client funds are put to use |language=en-US |work=Quartz |url=https://qz.com/1059179/huobi-and-okcoin-chinas-two-biggest-bitcoin-btc-exchanges-were-themselves-to-150-million-in-idle-client-funds/ |access-date=2017-10-10}}</ref>
In September 2017, the Chinese government banned initial coin offerings (ICOs) and trading on domestic cryptocurrency exchanges, rendering many people's holdings effectively worthless, including those of users on Huobi's exchange.<ref>{{Cite web |date=17 April 2018 |title=Chinese entrepreneurs have some creative responses to the government's crackdown on crypto |url=https://www.technologyreview.com/s/610808/chinese-entrepreneurs-have-some-creative-responses-to-the-governments-crackdown-on-crypto/ |website=MIT Technology Review}}</ref><ref name="listing" /><ref>{{Cite web |year=2018 |title=China Is Said to Ban Bitcoin Exchanges While Allowing OTC |url=https://www.bloomberg.com/news/articles/2017-09-11/china-is-said-to-ban-bitcoin-exchanges-while-allowing-otc-trades-j7fofh20 |access-date=12 March 2018 |publisher=bloomberg.com}}</ref><ref>{{Cite web |year=2017 |title=The first of China's top bitcoin exchanges has announced it will suspend trading |url=https://techcrunch.com/2017/09/14/china-bitcoin-exchange-suspended-bttc-china/ |access-date=12 March 2018 |publisher=bloomberg.com}}</ref><ref>{{Cite web |year=2017 |title=China's three largest bitcoin exchanges will all stop offering local trading |url=https://techcrunch.com/2017/09/15/chinas-three-largest-bitcoin-exchanges-will-all-stop-offering-local-trading/ |access-date=12 March 2018 |publisher=bloomberg.com}}</ref> In response, Huobi adjusted its business and organizational structure to promote global expansion.<ref>{{Cite web |year=2018 |title=火币集团全球化提速 覆盖全球10个区域市场 |url=http://industry.caijing.com.cn/20180112/4393319.shtml |url-status=dead |archive-url=https://web.archive.org/web/20180313092508/http://industry.caijing.com.cn/20180112/4393319.shtml |archive-date=13 March 2018 |access-date=12 March 2018 |publisher=caijing.com.cn}}</ref><ref name="asia.nikkei.com">{{Cite web |year=2017 |title=Japan's bitcoin trading platforms extend to Asia and beyond |url=https://asia.nikkei.com/Spotlight/Bitcoin-evolution/Japan-s-bitcoin-trading-platforms-extend-to-Asia-and-beyond |access-date=12 March 2018 |publisher=asia.nikkei.com}}</ref> In October 2017, Huobi officially expanded into Korea with a new headquarters in Seoul, South Korea, and opened trading in March 2018.
In November 2017, it launched operations in Singapore with total volume in the first month exceeding 30 billion RMB.<ref>{{Cite web |year=2018 |title=China's Largest Bitcoin Exchange Huobi.com Invests in Singapore's Digital Consulting Firm WXY |url=https://kr-asia.com/chinas-largest-bitcoin-exchange-huobi-com-invests-in-singapores-digital-consulting-firm-wxy/ |access-date=12 March 2018 |publisher=kr-asia.com}}</ref> In December 2017, it launched an office in Tokyo, Japan<ref>{{Cite web |year=2017 |title=Notice Regarding a Basic Agreement on Capital and Business Partnerships with Huobi Group, which engages Cryptocurrency-related Businessesin China-centric Asian Region |url=https://www.sbigroup.co.jp/english/news/pdf/2017/1207_a_en.pdf |access-date=12 March 2018 |publisher=sbigroup.co}}</ref> and announced that it would set up two crypto exchanges in Japan in early 2018, through a partnership with Japanese financial group SBI Group.<ref>{{Cite news |date=7 December 2017 |title=One of the world's largest bitcoin exchanges is coming back to life |work=Quartz |url=https://qz.com/1149678/chinas-huobi-will-launch-two-bitcoin-exchanges-in-japan-after-beijings-crackdown-on-domestic-trading/}}</ref> In March 2018, Huobi announced that it will be launching in the United States.
In August 2018, in a reverse takeover, Huobi acquired a 74% stake in Hong Kong electronics manufacturer Pantronics Holdings, becoming listed on the Hong Kong Stock Exchange.{{cn|date=May 2026}}
In November 2020, Huobi launches Huobi Labuan to realize regulated crypto exchange in Malaysia.<ref>{{Cite web |last=Aziz Abdel-Qader |date=November 27, 2020 |title=Huobi Granted Initial Approval to Operate in Malaysia |url=https://www.financemagnates.com/institutional-forex/exchanges/huobi-granted-initial-approval-to-operate-in-malaysia/ |access-date=November 29, 2020 |publisher=Finance Magnates |language=en}}</ref> In September 2021, Huobi announced that it would stop serving customers in mainland China due to new regulations.<ref>{{Cite news |date=26 September 2021 |title=Cryptocurrency exchange Huobi to clean up existing mainland clients by end-2021 |language=en |work=Reuters |url=https://www.reuters.com/world/china/cryptocurrency-exchange-huobi-clean-up-existing-mainland-clients-by-end-2021-2021-09-26/ |access-date=27 September 2021}}</ref> According to Bloomberg News, In 2022, Huobi was purchased by cryptocurrency billionaire Justin Sun.<ref name=":10" /> In September 2023, Huobi announced its rebranding as HTX.<ref name="namechange" /><ref>{{Cite web |title=HTX {{!}} Buy Bitcoin/Ethereum{{!}} Secure cryptocurrency trading platform |url=https://www.huobi.com/support/en-us/detail/84948926582328/ |access-date=2023-12-16 |website=HTX |language=en-us}}</ref>
In May 2026, the UK government sanctioned HTX for alleged violations of international sanctions against Russia.<ref name=":0" />
==Research== In April 2015, Huobi partnered with Tsinghua University in a "Digital Asset Research Initiative", and sponsored a "Digital Asset Research Project" at the Internet Finance Laboratory of Wudaokou Tsinghua School of Finance.<ref>{{Cite web |year=2015 |title=数字资产研究课题启动 助力数字资产行业发展 |url=http://www.xinhuanet.com/fortune/2015-04/27/c_127737067.htm |url-status=dead |archive-url=https://web.archive.org/web/20180131023548/http://www.xinhuanet.com/fortune/2015-04/27/c_127737067.htm |archive-date=January 31, 2018 |access-date=12 March 2018 |publisher=xinhuanet.com}}</ref>
On July 1, 2016, the Huobi Network Blockchain Research Center published a report, "Blockchain: Defining a New Financial and Economic Future".<ref>{{Cite web |year=2016 |title=区块链：定义未来金融与经济新格局 |url=http://book.hexun.com/2016-07-13/184898449.html |url-status=dead |archive-url=https://web.archive.org/web/20180131023918/http://book.hexun.com/2016-07-13/184898449.html |archive-date=31 January 2018 |access-date=12 March 2018 |publisher=hexun.com}}</ref> On December 20, 2016, Huobi joined the Fintech Digital Asset Alliance (Shenzhen) along with the Fintech Research Institute of China under the guidance of the Shenzhen Municipal Government.<ref>{{Cite web |year=2016 |title=中国（深圳）FinTech数字货币联盟筹建 |url=http://money.163.com/16/1221/12/C8QFHA9J002580S6.html |url-status=dead |archive-url=https://web.archive.org/web/20180131024133/http://money.163.com/16/1221/12/C8QFHA9J002580S6.html |archive-date=31 January 2018 |access-date=12 March 2018 |publisher=163.com}}</ref>
== References == {{reflist}}
==External links== * {{Official website|https://www.htx.com/}}
{{Cryptocurrency exchanges}}
Category:2013 establishments in China Category:Cryptocurrency exchanges Category:Financial services companies of China Category:Companies based in Beijing