Xianfeng Cheng (aka Mars Cheng), the chief technology officer (CTO) of Huobi Group, is departing the firm after four years.
A Huobi Group spokesperson confirmed on Monday that Cheng is leaving in February 2020.
Cheng joined Huobi Global in February 2016, according to his LinkedIn profile. Before joining Huobi, he held executive roles at the Chinese IT firm OneAPM and lending platform Jimubox, where he served as the chief operating officer and VP of technology, respectively.
It is not clear why Cheng is leaving Huobi and what are his next plans. TheCoinrise has reached out to the spokesperson for further comments and will update this story if we hear back.
Founded in 2013, Singapore-based cryptocurrency firm Huobi is currently the second-largest employer in the industry at around 1,300 staff, according to The Block’s research.
Founded as a crypto trading platform, Huobi has today grown into a conglomerate that oversees at least ten different business lines. Some of these business lines include Huobi Research, Huobi DM (a derivatives trading platform) and Huobi Capital (an investment arm that has invested in over 60 different blockchain projects globally), among others.
About Huobi Group
It’s encouraging that Huobi is working on complying with U.S. regulations to enable U.S. citizens to use its platform because Huobi brings some much-needed professionalism to the cryptocurrency space. Its basic trading tools are simple to use and understand. An independent analysis of listed coins culls the absolutely massive herd of marginal coins and tokens that might be invested in while giving potential traders enough choice to find opportunities. The advanced trading tools will prove to be more and more useful over time, as the derivative market for cryptocurrencies expands. Moreover, Huobi offers a sort of tiered risk system, beginning with its OTC offerings and ending with the HADAX platform.
There has been some information come to light which suggests Huobi might have been falsifying trading volumes, which you can read more about here.
In terms of security, Huobi is making strides toward achieving the same level of respectability as traditional banks and stock exchanges. Not only does Huobi hedge against potential hacks with its centralized security apparatus, but it also helps users to safeguard their own funds via comparatively strict identification standards and two-factor authorization. Moreover, it physically sets money aside to recover investors’ potential losses in the event that its homegrown security systems fail. This is a feature that’s fairly rare in the cryptocurrency space but almost mandatory for traditional markets. This alone makes Huobi a fine entry point for the Average Joe into cryptocurrency.
That really is what makes Huobi close to the total package for advanced cryptocurrency trading. New investors can rely on an easy-to-use, graphical trading platform with help and support available at every step. More experienced hands can try their luck – and skill – in the margin-trading market or by diving into the wilderness of HADAX. Huobi seems to have it all for almost any investor, regardless of skill or experience. It’s just a shame that the huge potential pool of U.S. investors cannot currently take advantage of the platform.