Co-Founder Du Jun Returns to Huobi and Shares his thoughts on Compliance and User Safety

After a three-year absence, co-founder Du Jun has returned to Huobi. He left Tencent and founded Huobi with Leon Li in 2013, but then in 2017, he left Huobi and shifted focus to the industry media with Golden Finance and Investment Institution Node Capital, two companies that he founded successively. 

Upon his return to the blockchain space, Jun has noted that blockchain technology has been developed and been recognized in China and the international community. Huobi is the earliest explorer and builder in this regard, and he added: “I hope to return to this collective and meet like-minded friends as well as realize the ideal together.”

 Compliance

Jun went on to explain the importance of compliance at Huobi

“Currently, Huobi has obtained a digital asset trading license from the Ministry of Finance of Thailand; Huobi Japan has obtained a compliance license from the Japan Virtual Currency Exchange and is permitted to operate virtual asset spot trading related business (including spot leverage business), on crypto financing business, virtual asset trust management and wallet business.”

“On November 23, 2018, Huobi obtained a DLT Provide of Gibraltar licence, permitted to use distributed ledger technology to store or transmit value belonging to others, to operate a virtual asset exchange and to provide broker/dealer services; on 31 July 2020, Huobi was formally granted the Hong Kong Asset Management 4/9 licence by the Securities and Futures Commission (SFC), permitting it to provide advice and asset management of securities.

“On 19 August 2020, Huobi obtained the Hong Kong Trust and Companies’ Currently, Huobi is in the process of applying for the Hong Kong Virtual Exchange Compliance License and Singapore PSA License issued by the Securities and Futures Commission (SFC) of Hong Kong.”

“Continuously, we are pushing forward the global compliance process, which is also one of the important measures to cope with uncertainties and manage risks.”

User safety

 Jun also added how compliance goes hand in hand with user safety.“I have repeatedly stressed in public that Huobi has always put the safety of user assets in the first place, and that the safety of user assets is of paramount importance. Leon Li, CEO of Huobi, has personally laid down a number of ironclad rules: no touching on user assets, no market intervention, no user counterparty trading, and compliance with contracts.”

“It is true that many exchanges in the cryptocurrency industry have experienced security problems for a long time, but Huobi has never had any problems since its establishment seven years ago, which shows that we have invested heavily in platform security and the effectiveness of control measures.”

“In terms of asset storage, Huobi wallet uses multi-signature and threshold signature technology to ensure the security of the private key signature process, multi-person and multi-site backup to ensure the availability of private keys, and self-developed security hardware to ensure the robustness of storage.”

“The address of our cold wallet is open for a long time, and anyone can check the balance of assets in our cold wallet on the chain, which is the bottom line of Huobi and the basis for many users to trust the platform. The private key manager of our cold wallet is as many as 15 people, basically, if one or several people occur to have any problem, it won’t have any impact on the safety of the platform funds.”

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