Justin Sun, the influential cryptocurrency figure and founder of blockchain network Tron, is reported to have strategized a major move to support Huobi Global in expanding its trading operations, having been appointed as an official advisor to the crypto exchange. Despite the Chinese government's ban on cryptocurrency in 2019, Sun has allegedly been attempting to draw Chinese customers and investing a sizable portion of his personal wealth, approximately $200 million, in the company.

The strategy aims to regain Huobi's global market share, which had been lost when the company shifted much of its operations to Singapore two years ago. Sun stated that Huobi's universal acceptance could be achieved by attracting Chinese customers, adding that Huobi was losing $10 million per month and was looking to shut down some of its branches to make up for these losses. Likewise, some people familiar with the matter reported that Sun had been actively hiring Chinese customers over the last few months. In spite of the crypto ban issued by the Chinese administration, Huobi released a statement disapprovingly stating that no Chinese IP addresses are allowed on the platform and that the customers must be from outside of China.

Despite the crypto prohibition, Chinese crypto enthusiasts have continued trading and exchanging cryptocurrencies using virtual private networks



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