Leon Li, the co-founder of global crypto exchange Huobi is wrapping up plans to sell most of his shares in the company valued at $3 billion Bloomberg reports.
According to Houbi group spokesperson, Li has already informed his business associates about his decision and announced at a shareholders meeting in July that he might hand over his roles in the company to focus on his ailing health.
Li in talks with investors seeking to offload a stake
Li has held talks with various bankrollers seeking to grab a 60% state in the crypto company, and it is reported that Tron founder Justin Sun and cryptocurrency firm FTX are the interested parties seeking to take over. If sold at 3 billion, this could be one of the biggest share sales, according to Bloomberg.
Those that are reportedly in talks for the share transfer include Tron founder Justin Sun as well as cryptocurrency firm FTX. With Li’s target valuation of US$2 billion to US$3 billion, the share sale could be worth more than US$1 billion, Bloomberg reported.
Houbi faces regulators over Compliance
Houbi, which was launched in 2013, took the industry by storm becoming one of the biggest crypto exchanges. It has however been having a hard time with regulators. Thailand’s securities regulator sought to shut down digital-asset exchange.
Houbi quits Beijing
Huobi founders also resolved to quit trading in China after the government made the tightened the the laws on crypto currencies. It was upon this that the regulators, suspended their services.
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