{"id":1709,"date":"2022-01-24T13:18:12","date_gmt":"2022-01-24T13:18:12","guid":{"rendered":"https:\/\/www.africa-press.net\/seychelles\/all-news\/lawyer-accuses-huobi-of-operating-a-cryptocurrency-exchange-thats-held-accountable-nowhere"},"modified":"2022-01-24T15:52:05","modified_gmt":"2022-01-24T15:52:05","slug":"lawyer-accuses-huobi-of-operating-a-cryptocurrency-exchange-thats-held-accountable-nowhere","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/seychelles\/all-news\/lawyer-accuses-huobi-of-operating-a-cryptocurrency-exchange-thats-held-accountable-nowhere","title":{"rendered":"Lawyer Accuses Huobi of Operating a Cryptocurrency Exchange That’s ‘Held Accountable Nowhere’"},"content":{"rendered":"

Africa-Press – Seychelles. <\/strong><\/span>Houbi Global, which is based in Seychelles, has been accused by lawyer Jonathan Levy of operating without accountability to any jurisdiction. The lawyer adds that the exchange\u2019s physical address in the island nation is for mailing purposes only.<\/p>\n

Accountability Issues<\/b><\/p>\n

U.S.-based lawyer Jonathan Levy has accused Huobi cryptocurrency exchange of running a decentralized global operation that \u201coperates everywhere but is held accountable nowhere.\u201d Levy\u2019s accusation follows the Seychelles registered cryptocurrency exchange\u2019s alleged intransigence which eventually led to a French national losing their funds to a Chinese fraudster.<\/p>\n

Before the Chinese national\u2019s disappearance along with the stolen funds, the unnamed victim had \u2014 with the aid of Ciphertrace \u2014 successfully located the fraudster\u2019s account with Huobi. Based on the victim\u2019s efforts, the French National police had opened an investigation as well as requested the cryptocurrency exchange\u2019s assistance in recovering the funds.<\/p>\n

Huobi\u2019s Seychelles Presence<\/b><\/p>\n

However, according to a statement released by the lawyer, the fraud victim\u2019s attempts to recover their funds were ultimately frustrated by Houbi\u2019s refusal to cooperate with both French and Seychelles law enforcement. He explained;<\/p>\n

Huobi Global misled the French Police and claimed they were under the jurisdiction of Seychelles. This delay allowed the criminal to escape with their loot. When the Seychelles Police finally investigated it was already too late and by their own admission, they lacked jurisdiction over the crime since Huobi\u2019s presence in that island nation is just a mailing address.<\/p>\n

Levy, meanwhile, points to this latest incident as another example of why authorities in Europe need to establish a crypto industry-funded \u201cSuperfund.\u201d He said such a fund would prove to be useful to victims of crypto crime, like the the French national, whose only hope of recovering the funds now hinges on the European Union or the OECD\u2019s intervention.<\/p>\n

Concerning leading crypto exchanges\u2019 ability to make sufficient contributions to any such superfund, Levy argues that platforms like Huobi (whose daily crypto volume reportedly exceeds $10 billion) and the other top ten exchanges, are well placed to make such contributions.<\/p>\n

For More News And Analysis About Seychelles<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Seychelles. Houbi Global, which is based in Seychelles, has been accused by lawyer Jonathan Levy of operating without accountability to any jurisdiction. The lawyer adds that the exchange\u2019s physical address in the island nation is for mailing purposes only. Accountability Issues U.S.-based lawyer Jonathan Levy has accused Huobi cryptocurrency exchange of running a […]<\/p>\n","protected":false},"author":84,"featured_media":1708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,268,233],"class_list":["post-1709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-seychelles","tag-seychelles"],"yoast_head":"\nLawyer Accuses Huobi of Operating a Cryptocurrency Exchange That's 'Held Accountable Nowhere' - Seychelles<\/title>\n<meta name=\"description\" content=\"Houbi Global, which is based in Seychelles, has been accused by lawyer Jonathan Levy of operating without accountability ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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