Huobi Global Limited · 5

The Hong Kong High Court ruled in favor of Li Lin's X-Spot trademark infringement application against Huobi Global, prohibiting the latter from using the “Huobi” trademark during the trial

Comparatively, the High Court of the Hong Kong Special Administrative Region handed down an important ruling on the intellectual property lawsuit between X-SPOT GLOBAL LIMITED (plaintiff) and Huobi Global Limited (defendant). Plaintiff X-SPOT GLOBAL LIMITED successfully applied for an interim injunction against the defendant to prevent the latter from using the “Huobi” or “Huobi” trademark or any confounding similar name or logo in Hong Kong during the trial. The core of the case concerned trademark rights held by the plaintiff. The Hong Kong High Court ruled that the plaintiff's trademark rights should be protected and that the defendant's actions constituted an infringement of the plaintiff's trademark rights. In June 2023, X-Spot Limited, controlled by Li Lin, sued Huobi Global Limited (Huobi Global Limited) for trademark infringement in the Hong Kong Special Administrative Region High Court. According to the indictment, X-Spot Co., Ltd. has always retained exclusive rights to the “Huobi” trademark, and Huobi Global Limited (Huobi Global Limited) has been using the trademark without X-Spot's authorization. When the original shareholders transferred their Huobi Global shares to About Capital Management (About Capital Management), they clearly agreed to retain the exclusive rights to the “Huobi” trademark and ensure that these rights will not be transferred to the buyer or Huobi. The share transfer and asset delivery agreement between the two parties clearly stipulates that the buyer is prohibited from using the “Huobi” trademark and brand.

985d agoLuxurytracy#Huobi Global #X-SPOT

[Weekly Comparative Review] Financial institutions such as WisdomTree and Invesco submit spot Bitcoin ETF applications; EDX Markets, a crypto exchange supported by Wall Street giants, begins operations in the US; the US's first leveraged Bitcoin futures ETF will begin trading next week; Prime Trust suspends fiat and cryptocurrency deposits and withdrawals

The following is a weekly review of key news: [WisdomTree, Invesco and Other Financial Institutions Submit Spot Bitcoin ETF Applications] Comparative news. Following asset management giant BlackRock (BlackRock)'s submission of spot Bitcoin ETF applications, various financial institutions such as WisdomTree, Invesco, and Valkyrie Funds have also submitted spot Bitcoin ETF applications. (WisdomTree's application was initially denied by the SEC in 2022). Additionally, Bitwise Asset Management submitted a new application to the US Securities and Exchange Commission on June 16 to amend the rules to suit its planned Bitcoin spot ETF. The US Securities and Exchange Commission rejected a Bitcoin spot ETF application submitted by Bitwise in June 2022. In a new filing, BitWise said the SEC should approve, reject, or initiate other processing around its proposed rule changes within 45-90 days. Bitcoin once rebounded to a one-year high above $31,000 during the US stock trading session on June 23. Research firm K33 Research commented: “The Bitcoin spot ETF file submitted by BlackRock raised expectations that an institutionally-driven price increase was imminent.” [EDX Markets, a crypto exchange supported by Wall Street giants, begins operations in the US] EDX Markets, a new crypto exchange supported by Citadel Securities, Fidelity Investments (Fidelity Investments), and Charles Schwab (Charles Schwab), has begun operations. EDX uses a non-custodial model, does not directly handle customer assets, and plans to partner with third-party banks and cryptocurrency custodians. Unlike FTX and Binance's problems, EDX is based on traditional financial markets to attract brokers and investors concerned about the safety of their funds. The exchange will offer trading in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. This shows that some Wall Street firms are still interested in cryptocurrencies despite regulatory pressure and market cooling. On the same day, EDX Markets announced the completion of a new round of financing, with investors including Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, etc. EDX will launch EDX Clearing later this year to settle matching transactions on EDX Markets. [Prime Trust suspends fiat and cryptocurrency deposits and withdrawals] According to Twitter news, Prime Trust closed all fiat and cryptocurrency deposits and withdrawals on June 22 under the order of the Nevada Financial Supervisory Authority. TrueUSD said the TUSD stablecoin was unaffected, that it no longer uses Prime Trust to mint or redeem TUSD, and maintains “multiple dollar channels” elsewhere. BitGo announced that it has terminated its acquisition of Prime Trust. Regulators say Prime Trust is “operating at a huge deficit” and may even be insolvent and currently unable to meet customers' withdrawal needs. Prime Trust can request a hearing within 30 days of issuing an order. If no application is made, a cessation order is considered final. [America's First Leveraged Bitcoin Futures ETF Will Begin Trading Next Week] In comparison, Volatility Shares' Chief Investment Officer Stuart Barton told CoinDesk that after receiving approval from the US Securities and Exchange Commission (SEC), Volatility Shares' 2x Bitcoin Strategy ETF (BITX) will be the first leveraged crypto ETF in the US, and trading will begin next Tuesday after taking effect on Friday. “It's exciting to see digital assets in ETF products,” Barton said. According to the prospectus, a 2x leveraged ETF allows customers to gain exposure to Bitcoin by investing only half of the value of Bitcoin. The ETF fund will be based on the CME Bitcoin futures price. [Three arrows...

1155d agoWendy#Weekly review of the comparison

Wu said Zhou's Picks: A number of US giants submitted spot Bitcoin ETF applications, and the first leveraged Bitcoin ETF passed the Top 10 News (0617—0623)

Author | Wu Says Blockchain News Top 101 This Week. Federal Reserve Chairman Powell believes payment stablecoins should be treated as currency a. Federal Reserve Chairman Powell: Cryptocurrency like Bitcoin seems to have “staying power” On June 22, at the latest House hearing, Federal Reserve Chairman Powell said that cryptocurrencies like Bitcoin seem to have “lasting power” (lasting power); stablecoins have a significant share of the overall cryptocurrency market, and lawmakers are trying to set rules for them. b. Powell stated at the hearing that payment stablecoins are currency Powell also stated at the hearing that payment stablecoins are currency, and that the central bank should play a role in approving their issuance in the US. “We do regard payment stablecoins as currency.” Powell also dismissed suggestions that the Federal Reserve might directly issue digital dollars (CBDC) or digital dollars to Americans soon, partly due to privacy concerns. 2. Following BlackRock, 4 more asset managers have submitted spot Bitcoin ETF applications, an executive from Volatility Shares told CoinDesk that following the US Securities and Exchange Commission (SEC)'s 2x Bitcoin Strategy ETF (BITX) went into effect on Friday It will be the first leveraged crypto ETF in the US. This ETF will correspond to the CME Bitcoin Futures Daily Rolling Index. a. Bitwise submitted a new application to the US SEC requesting that the rules be amended to suit its planned Bitcoin spot ETF Following BlackRock's application for a spot Bitcoin ETF, Bitwise Asset Management submitted a new application to the US Securities and Exchange Commission on June 16 requesting that the rules be amended to suit its planned Bitcoin spot ETF. The US Securities and Exchange Commission rejected the Bitcoin spot ETF application submitted by Bitwise in June 2022 and found that the ETF was unable to fully monitor and share, provide protection against market manipulation, and prove the size of the relevant market. In a new filing, BitWise said the SEC should approve, reject, or initiate other processing around its proposed rule changes within 45-90 days. b. WisdomTree and Invesco submit another spot Bitcoin ETF application On June 21, Bloomberg senior ETF analyst Eric Balchunas tweeted that asset management company WisdomTree once again submitted a spot Bitcoin ETF application. Additionally, Invesco has also submitted a new 19b-4 document for a spot Bitcoin ETF. c. Valkyrie Funds also submitted a spot Bitcoin ETF application to the US Securities and Exchange Commission on June 22, and Valkyrie Funds also submitted a spot Bitcoin ETF application to the US Securities and Exchange Commission. Previously, it had provided a Bitcoin strategy ETF and a Bitcoin miner ETF. If approved, the spot ETF is called the Valkyrie Bitcoin Fund and is scheduled to be listed on the NASDAQ exchange under the symbol BRRR. 3. Binance US Weekly Update a. Binance and the US SEC reached a proposed agreement to ensure that only Binance.US employees can use customer funds Late on June 16, Binance, Binance.US, and the US Securities and Exchange Commission (SEC) announced an agreement to ensure that only Binance.US employees have access to customer funds. The proposed content, which still needs to be signed by a federal judge overseeing the case, is: Binance...

1155d agody zhang#CZ #Wu says blockchain is real #Binance #Bitcoin

Li Lin officially sued Huobi for using the “Huobi” trademark in Hong Kong

According to Wu's blockchain news, X-Spot Co., Ltd., controlled by Li Lin, sued Huobi Global Limited (Huobi Global Limited) for trademark infringement in the Hong Kong Special Administrative Region High Court today. Earlier, after Sun Yuchen blocked Li Lin's brother's account and accused him of dumping HT, Huobi must have restarted using the “Huobi” trademark. According to the indictment, X-Spo Co., Ltd. has always retained exclusive rights to the “Huobi” trademark, and Huobi Global Limited (Huobi Global Limited) has been using the trademark without X-Spot's authorization. When the original shareholders transferred their Huobi Global shares to About Capital Management (About Capital Management), they clearly agreed to retain the exclusive rights to the “Huobi” trademark and ensure that these rights will not be transferred to the buyer or Huobi. The share transfer and asset delivery agreement between the two parties clearly stipulates that the buyer is prohibited from using the “Huobi” trademark and brand.

1158d agoLuxurytracy#Huobi #Li Lin #Huobi #hongkong

SC accuses Huobi Global Limited of operating an unregistered unregistered digital asset exchange

Comparatively, the Malaysian Securities Commission (SC) has taken action against Huobi Global Limited and its CEO Leon Li, accusing them of operating an unregistered digital asset exchange (DAX) in Malaysia. Additionally, SC has ordered Huobi Global Limited to cease operations in the country, including disabling its website and mobile apps on multiple platforms such as the Apple Store, Google Play, and any other digital app platform.

1188d agoLuxurytracy#Huobi Global Limited #SC

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