HTX (formerly Huobi Global) is one of the oldest and historically most significant cryptocurrency exchanges in Asia. Founded in September 2013 by Leon Li in Beijing, Huobi was for many years the dominant Bitcoin exchange in China and one of the top three global exchanges by volume during the 2017-2021 period. Following China’s crypto ban and subsequent changes, Huobi sold a controlling stake to an entity linked to Justin Sun (founder of TRON) in late 2022, and was rebranded to HTX in October 2023.
History
| Year | Events |
|---|---|
| 2013 | Leon Li founds Huobi in Beijing; quickly becomes China’s leading Bitcoin trading platform |
| 2014 | China restricts banks from processing Bitcoin transactions — Huobi adapts with P2P fiat settlement |
| 2017 | PBOC inspects major Chinese exchanges; Huobi suspends CNY withdrawals. China announces ICO ban; Huobi relocates operations to Seychelles and Singapore |
| 2018 | Huobi Global launches as the international entity; Huobi Token (HT) launched |
| 2019 | Huobi DM (derivatives) market launches; Huobi Eco Chain (HECO) development begins |
| 2021 | HECO mainnet launches; Huobi ranks consistently top-5 globally |
| 2021 | China declares all crypto illegal — Huobi exits mainland China entirely, lays off China-based staff |
| 2022 | Leon Li sells majority stake — buyer eventually identified as linked to Justin Sun. Huobi begins transition |
| 2022-2023 | Significant market share loss; staff reductions; $8M in withdrawals during FTX-era bank run moment |
| 2023 | Rebranded to HTX (October 2023). HTX reportedly stands for “Huobi-TRON-Exchange” informally, though company denies official meaning |
| 2024 | Justin Sun more publicly associated with HTX operations; platform continues globally but with reduced market share prominence |
Huobi Token (HT)
HT is the native exchange token launched in 2018:
- Trading fee discounts
- IEO (Primelist) access for new token launches
- Periodic buyback and burn from revenue
- Voting on exchange decisions
Since the Justin Sun acquisition and rebrand, HT’s utility and burn schedule have continued, though confidence in the token has declined relative to the exchange’s peak influence.
HECO Chain (Huobi Eco Chain)
Huobi launched HECO in December 2020 as an EVM-compatible layer 1 blockchain with lower fees than Ethereum. During DeFi Summer’s afterglow in 2021, HECO hosted significant DeFi TVL, rivaling BSC (BNB Chain) briefly. Post-China ban and with the exchange’s declining prominence, HECO lost most of its ecosystem and TVL.
Justin Sun Takeover
In October 2022, Huobi sold a majority stake to About Capital Management — widely reported to be acting on behalf of or affiliated with Justin Sun (founder of TRON). Justin Sun initially denied involvement but later acknowledged advisory roles. Under this new ownership:
- Mass layoffs occurred in late 2022-2023
- The brand was changed to HTX
- Justin Sun has appeared at HTX events and on social media endorsing the exchange
- TRON ecosystem projects have been preferentially promoted on HTX
Whether the exchange is officially “Justin Sun’s HTX” is disputed, but the association is widely accepted in the industry.
Common Misconceptions
“Huobi is gone / shut down”
Huobi rebranded to HTX but continues to operate. It is no longer among the top 5 exchanges by volume but remains operational and is among the top 10-15.
“HTX stands for Huobi TRON Exchange”
This has been reported informally but HTX has not officially defined the abbreviation. The choice of ticker “HTX” likely reflects the brand transition while maintaining Huobi’s legacy “H” brand equity.
Social Media Sentiment
HTX/Huobi has significant brand recognition in Asia due to its decade-long history but has suffered from Justin Sun’s controversial reputation. Many in the crypto community view Justin Sun skeptically (associated with TRON controversies, FUD, and aggressive marketing), and his association with HTX has made some users wary. Old-school Chinese crypto investors who came up during Huobi’s peak often have nostalgic loyalty. The exchange is less dominant in English-language crypto Twitter but maintains strong presence in Chinese-language and Asian markets.
Last updated: 2026-04
Related Terms
Sources
- Reuters. (2022). Huobi Crypto Exchange Sold to Hong Kong-based Investment Firm. Reuters.
- CoinDesk. (2023). Huobi Rebrands to HTX as Justin Sun Takes More Active Role. CoinDesk.
- Chainalysis. (2022). 2022 Crypto Exchange Report: Chinese Exchange Landscape. Chainalysis.