Evolution and Global Expansion of HTX (Formerly Huobi): A Cryptocurrency Exchange Journey

·

The digital asset landscape has undergone rapid transformation over the past decade, and few platforms have navigated this evolution as dynamically as HTX, formerly known as Huobi. Originally founded in 2013, the exchange has rebranded, restructured, and expanded globally in response to shifting regulatory climates and market demands. Today, HTX stands as a significant player in the global cryptocurrency ecosystem, emphasizing innovation, compliance, and international reach.

This article explores the journey of HTX from its origins in China to its current status as a globally oriented digital asset platform, highlighting key milestones, strategic shifts, and future ambitions.

Founding and Early Growth (2013–2014)

HTX traces its roots back to September 2013 when it was established by Leon Li (Li Lin) and Du Jun, both seasoned professionals with backgrounds in technology and finance. The platform launched its Bitcoin trading service shortly thereafter and quickly gained traction in China’s burgeoning crypto market.

In November 2013, Huobi secured angel investment from prominent backers including ZhenFund and Dai Zhikang, providing crucial early capital. By April 2014, the company received a major endorsement with venture funding from Sequoia Capital, one of Asia’s most respected investment firms. This financial backing accelerated product development and market expansion.

That same year, Huobi acquired the domain huobi.com, launched a simulation trading platform, and officially went live with its core exchange services. However, 2014 also marked the platform’s first major operational challenge: a human error led to the accidental transfer of 920 BTC and 8,100 LTC to user accounts. The team swiftly rectified the issue, returned the assets, and improved internal systems to prevent recurrence—a crisis management approach that would be tested again in later years.

Strategic Partnerships and International Expansion (2015–2018)

As China’s regulatory environment began tightening around cryptocurrency exchanges, Huobi proactively diversified its operations overseas.

In 2015, the company partnered with Tsinghua University’s PBC School of Finance to launch a joint research initiative on digital assets, signaling a commitment to academic legitimacy and long-term industry development.

International expansion accelerated in 2016 with the establishment of Huobi Japan, which obtained Japan’s Financial Services Agency (FSA) registration under license number 00007 in September 2018—making it one of the first major foreign-backed exchanges to gain formal approval in the country.

In 2017, Huobi expanded into South Korea by launching Huobi Korea, headquartered in Seoul. That same year, it entered a strategic alliance with SBI Group, a Japanese financial conglomerate, to co-develop virtual currency exchanges in Japan.

A pivotal moment came in 2018 when Huobi executed a reverse takeover of Tongcheng Holdings, a publicly listed company on the Hong Kong Stock Exchange (HKEX: 01611), rebranding it as Huobi Technology. This move provided access to public markets and enhanced credibility. Additionally, Huobi obtained a Distributed Ledger Technology (DLT) license in Gibraltar, enabling regulated operations across Europe.

👉 Discover how leading exchanges maintain compliance while scaling globally.

Rebranding and Global Transformation (2021–2023)

Regulatory pressures in mainland China intensified in 2021. In response, Huobi announced it would cease new registrations for Chinese users and begin phasing out existing mainland accounts by the end of the year. This strategic withdrawal marked a definitive shift from domestic focus to global ambition.

Despite challenges—including service suspensions in Thailand due to regulatory scrutiny—Huobi continued building infrastructure abroad. In 2021:

In October 2022, Justin Sun (Sun Yuchen) joined the platform through an acquisition led by his investment firm, marking a new chapter in governance and vision. Shortly after, on November 22, 2022, Huobi unveiled a full brand upgrade: renaming its Chinese identity from “火币” to “火必” and adopting “HTX” as its global English brand—a symbol of resilience and reinvention.

By September 2023, the transition was complete: all operations officially operated under the HTX name.

Innovation and Ecosystem Development

Beyond trading, HTX has invested heavily in ecosystem growth:

However, HECO faced criticism in 2021 over allegations of project mismanagement and team transparency issues—challenges common in rapidly growing ecosystems. HTX responded with enhanced auditing protocols and governance reforms.

Frequently Asked Questions (FAQ)

Q: What is HTX formerly known as?

A: HTX was previously known as Huobi or Huobi Global. It officially rebranded in 2023 following leadership changes and a strategic pivot toward global markets.

Q: Is HTX safe to use?

A: HTX operates under multiple international regulatory frameworks, including licenses in Hong Kong, Malaysia, and Gibraltar. It employs advanced security measures like cold storage and multi-signature wallets to protect user assets.

Q: Can users from China still access HTX?

A: No. Since December 31, 2021, HTX has ceased services for users identified as residing in mainland China, in compliance with national regulations.

Q: What services does HTX offer?

A: HTX provides spot trading, futures contracts, staking, asset management, institutional solutions, and blockchain development tools via its HECO ecosystem.

Q: Who owns HTX now?

A: Following a share acquisition in 2022 by an investment consortium linked to Justin Sun, HTX transitioned into a new phase of ownership focused on decentralized finance innovation and global scalability.

Q: Does HTX support USD or USDT trading pairs?

A: Yes. HTX offers extensive trading pairs against stablecoins like USDT and fiat currencies where permitted by local regulations.

Looking Ahead: The Future of HTX

With its rebranding complete and global infrastructure strengthened, HTX aims to become a central hub for next-generation digital finance. Plans include deeper integration with Web3 technologies, expanded DeFi offerings, and broader institutional adoption.

The journey from a Beijing-based startup to a globally recognized exchange underscores the importance of adaptability in the volatile world of cryptocurrency. As regulatory clarity improves worldwide, platforms like HTX are well-positioned to lead the charge toward a more open, efficient, and inclusive financial system.

👉 Stay ahead in crypto—explore tools used by top traders today.

Core Keywords Integrated:

Through continuous innovation and strategic foresight, HTX exemplifies how digital asset platforms can evolve amid change—turning challenges into opportunities for growth and transformation.