HTX is a global blockchain asset financial services provider including exchange, trade, wallet, and storage.
Founded in 2013 in China as Huobi, HTX is the world’s leading digital asset trading platform and currently offers trading and investment in more than 100 digital asset pairs. The company now has offices in Hong Kong, Korea, Japan and the United States. In August 2018 it became a publically listed Hong Kong company.
Following a 2017 ban on Bitcoin exchanges by the Chinese government, HTX stopped Bitcoin withdrawals and shut down its Chinese website, but continued operating overseas as “Huobi Pro”, a Seychelles-registered company. Huobi China continues to operate as a blockchain consulting and research platform.
As of March 2018, HTX processed around US $1 billion in trades daily.
With over 60% of the $301 million in liquidations coming from long positions, many traders were caught on the wrong side of a sudden market reversal, leading to significant losses across multiple exchanges.
Apart from safeguarding user funds, the legislation mandates that exchanges implement real-time monitoring systems to detect and report any suspicious trading activities that could be illegal.
The current wave of liquidations has sent shockwaves through the entire crypto community, with many traders reassessing their risk management strategies.