With Chinese consumers cut off from Huobi's offering, the crypto exchange's co-founder says that it needs "to go global" to make up the shortfall.

Crypto Exchange Huobi Expects 30% Drop in Revenue After China's Crackdown With Chinese consumers cut off from Huobi's offering, the crypto exchange's co-founder says that it needs "to go global" to make up the shortfall.

Earlier this year, the Chinese government embarked on a sweeping crackdown directed against the country's crypto industry. As crypto miners were directed to shut up shop by regional authorities, China's State Council included Bitcoin mining in a list of financial risks that required monitoring. In May, three of the country's payments and financial associations reiterated a ban by the central bank on financial firms engaging in cryptocurrency transactions, and urged investors against crypto trading, describing it as a "speculative" activity.