Huobi COO Robin Zhu was under investigation by the Chinese police, Wu Blockchain says

According to Chinese reporter Wu Blockchain, crypto exchange Huobi Chief Operating Officer (COO) Robin Zhu was under investigation by the Chinese police.

Robin Zhu – COO Huobi

“Wu confirmed from multiple sources that Huobi COO Zhu Jiawei is under police investigation. He is the number two player in Huobi. Huobi is the exchange with the most Chinese users and the largest Bitcoin stock in the world. Li Lin, the founder of Huobi, is unknown,” Wu Blockchain tweeted on Nov 3.

Source: Weibo

Colin Wu, also insinuates that Zhu’s case is similar to the OKEx CEO’s. On 15 Oct, OKEX temporarily suspended the withdrawal of digital assets and cryptocurrencies. Then OKEx founder Mingxing (Star) Xu was confirmed to be arrested by police. Further updates on the OKEx founder have yet to be unveiled, as investigations about the suspicious withdrawals are still currently happening.

Many customers have complained that their bank cards have been frozen when attempting to purchase cryptos and withdraw money from Huobi.

Cryptocurrency may be connected to illegal activities like money laundering and scams, thus threatening financial security and stability. According to SCMP, cryptocurrency has been leveraged to launder around 1 trillion yuan from China to casinos and gambling every year. The arrest of Huobi COO is another instance of China cracking down on cryptocurrency-related activities, notably crypto exchanges which function as a hub to trade and swap fiat money and cryptos.

China, which was once the biggest market for bitcoin in the world, has already banned the trading of digital currencies and made initial coin offerings – fundraising in the sale of digital tokens – illegal.

The People’s Bank of China, the nation’s central bank, has also been developing and testing its own sovereign digital currency, although there is currently no official timetable for its launch.

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The post Huobi COO Robin Zhu was under investigation by the Chinese police, Wu Blockchain says appeared first on AZCoin News.

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