Crypto exchange operator Huobi Group’s Beijing subsidiary establishes Communist Party Committee

Cryptocurrency exchange operator Huobi Group has established a Communist Party committee, South China Morning Post reported.

The company made the announcement on its website on Friday. The party branch has been established by Huobi subsidiary – Beijing Lianhuo Information Service.

While a number of Chinese tech firms including the likes of Tencent Holdings, Baidu, Xiaomi and Alibaba Group Holding, have party committees, Huobi is the first firm in the blockchain and crypto space to undertake such a move.

Hailing the move as a “milestone” for the company, Huobi founder and chief executive Li Lin said that the key reason for the company’s success is the party’s policies that promote the blockchain industry.

Cao Zhou, a party official with Beijing’s Haidian district where Huobi is based, said that Huobi attaches great importance to the establishment of the party branch, adding that Lin is very supportive and worthy of recognition.

Zhou also put forward suggestions on the focus areas for the newly established party branch.

He said that it should encourage political leadership, adding that it is “necessary to implement the party's principles and policies into private enterprises.”

In addition, the party branch must support and promote enterprise development, Zhou said, adding that the Party branch can serve as a channel and bridge for communication and exchange between enterprises and the party and the government.

Founded in 2013, Huobi is the world’s third-largest cryptocurrency exchange in terms of 24-hour trading volume, according to data from CoinMarketCap. The company moved its exchange business to Singapore following the crackdown on crypto businesses by Chinese authorities last year.