Cryptocurrencies
The Crypto Mogul Who’s Got the Ear of China’s Central Bank
- Tight government ties, strategy pivot secure Huobi’s survival
- Exchange kingpin Leon Li helps shape China’s crypto blueprint
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Leon Li is the rarest of Chinese crypto magnates -- one who’s won Beijing’s backing. The founder of Huobi Group is now set to play a pivotal role in China’s effort to build a homegrown crypto-industry.
The former Oracle Corp. coder, who started one of the world’s largest Bitcoin exchanges six years ago, enjoys unusual access to China’s central bank and government officials thanks to methodical engagement and measured expansion. While rivals Binance and OKEx irked regulators by stoking Bitcoin mania, Li curried favor by discouraging speculation, co-founding the country’s first state-backed blockchain platform along the way. Huobi even set up a Communist Party committee in-house -- a first for any crypto firm.