Earlier this month, Huobi Labs, Chinese cryptocurrency exchanges Huobi’s blockchain incubator, has announced plans to set up a $1 billion global blockchain industry fund in Hainan Province, China. After that, some Local media and insiders have speculated that Huobi Pro has had a licence from Hainan local government and the exchange would move to Hainan in the near future.

In this regard, Huobi official has clarified that this is fake news. Huobi Pro is not going to move to Hainan and they haven’t gotten a licence so they won’t be able to reopen the exchange in mainland China.

The fake news came from Wechat Groups after Li Lin, the chief executive and founder of Huobi Group, post 5 initiatives for this year in his WeChat Moments:

1. Huobi China will relocate its China’s headquarter to Hainan Island, to be settled in Hainan Econogical Software Park.

2. Partner with top blockchain startups to build 10 Global Blockchain+Labs;

3. Cooperate with world-class universities to set up a blockchain research institute;

4. Build a 40,000-square-meter blockchain incubator;

5. Launch a one billion-dollar blockchain fund.

Some speculators confuse the concept of Huobi Group with Huobi China and intended to use this fake news to bidding up cryptocurrency prices.

Huobi Group is founded in 2013 and known as the leading cryptocurrency exchange, but it is consisted by many sectors such as Huobi OTC, Huobi Autonomous Digital Asset Exchange, Huobi Pro, Huobi China, Huobi Mining Pool and so on. Huobi China is more like a blockchain technology research sector and not involved in any cryptocurrency trading related business.

After the ban in Last October, Huobi closed its Chinese trading platform and launched its international trading platform Huobi Pro in Singapore. This time, Huobi China’s initiatives in Hainan can be seen as an active response to the China’s national strategy of developing blockchain technology and it will use its resources, talents and capital in blockchain industry to contribute to the development of Hainan Special Economic Zone. Houbi’s exchange business is not going to reopen in mainland China at present.