Parent of cryptocurrency exchange giant Huobi creates Community Party committee to work with Chinese government

Huobi, operator of the Singapore-based cryptocurrency exchange by the same name, has set up a Community Party committee in China through a subsidiary called Beijing Lianhuo. The Communist Party requires any company in China, with at least three party members as employees, to establish a party branch for promoting the official party line. While leading Chinese tech companies such as Alibaba, Tencent, Baidu have established their own Community Party committee, Huobi will be the first crypto-focused company in China to do so. Huobi founder and CEO Li Lin called the new committee “a milestone” for his company. (Source: South China Morning Post)