Huobi Founder Leon Li Sells Controlling Stake Amid China's Crypto Crackdown

Leon Li is a Chinese technology entrepreneur and founder of Huobi, one of Asia's most prominent cryptocurrency exchanges. He studied at Tsinghua University and worked as a computer engineer at Oracle before entering the digital asset industry.

Li founded Huobi in Beijing in 2013 during the early expansion of the global Bitcoin market. The exchange initially focused on Bitcoin trading but later expanded into a broader digital-asset financial services group.

Huobi's growth was driven by the rapid increase in Bitcoin trading and the expanding number of users seeking centralized platforms for buying and selling digital assets. However, China's changing regulatory environment forced the company to reconsider its domestic operating model.

In 2017, Chinese authorities introduced restrictions on cryptocurrency exchanges and initial coin offerings, forcing Huobi to move significant parts of its operations outside mainland China and develop an international strategy.

The company subsequently became known as Huobi Global and expanded its presence beyond its original Chinese market. However, China's regulatory crackdown intensified in 2021 when authorities declared cryptocurrency transactions illegal and further restricted activity related to digital assets.

Huobi ultimately exited the mainland Chinese market, marking one of the most significant transitions in its history. Li later described the change as part of Huobi's broader globalization strategy and said the company needed a new ownership structure with an international focus.

In October 2022, Huobi Global announced that its controlling shareholder had completed the sale of its entire shareholding to a buyout vehicle managed by About Capital Management (HK) Co. The financial terms of the transaction were not publicly disclosed.