The trade is removing Chinese clients and will lose 33% of incomes from the following year, co-founder tells FT
China’s restriction on private advanced resources will clear out close to 33% of incomes for Huobi Global, one of the world’s biggest digital currency trades, and power it to search somewhere else for development, the prime supporter said. Huobi is being compelled to remove its customers in China and surrender 30% of its incomes on account of the country’s crackdown on digital currencies. To compensate for that misfortune the trade intends to chase after clients in other monetary focuses, underlining the worldwide effect of China’s choice. “Between late September to December 31 we are currently halting overhauling all our Chinese clients. There will be no Chinese clients on the platform . . . so our incomes from [these clients] will go to nothing,” Du Jun, the 33-year-old prime supporter of the trade, said in a meeting with the Financial Times. Huobi is one of the small bunch of trades that have profited from bitcoin hitting standard business sectors as the cost of the advanced coin has mobilized to a progression ever highs since March a year ago. That has turned Huobi, FTX, Coinbase and a couple of other new businesses into billion-dollar organizations. Jun underscored that 70% of the organization’s income was at that point abroad yet said it was speeding up endeavors to extend universally and quadrupling its worldwide headcount from the current 1,000. “We are truly agreeable in Asia and we are the pioneer here, yet we want another accentuation, we want to go worldwide,” said the manager of the Seychelles-based trade. He would not give income or benefit figures to the business. Until 2018, China partook in a staggering predominance in bitcoin markets, as it was home to most of mining and exchanging action. In any case, in the beyond four years, a progression of crackdowns finished in Beijing’s restricting all computerized resources this October. The US has effectively outperformed China as the biggest mining center point. The moving administrative breeze is compelling Huobi, which is China’s biggest trade and delighted in close connects to political elites, to increase its worldwide tasks forcefully, focusing on countries and locales, for example, Russia, Turkey and Latin America for retail customers and Europe and the US for huge financial backers dynamic in proficient business sectors. In October, $211bn worth of advanced resources changed hands on the stage, down 74% since the boycott in May, as indicated by information expert CryptoCompare.
Jun helped to establish the trade with his colleague, Leon Li, a previous Oracle PC engineer, in September 2013, regardless of Jun at first reasoning that bitcoin had acquired in esteem excessively fast to be everything except a trick. “Leon recommended: what about we don’t buy the resource however we simply accomplish something like a trade?” he said. After their discussion, they assessed the two existing crypto trades in China, the now-old Mt Gox and BTC China. They assessed that the stages were making $500,000 every month. So they followed up on the thought, picking a name that signifies “fire coin” and drawing in merchants with zero exchange charges. The trade is a privately owned business and says it has no “immediate relationship” with Hong Kong-recorded Huobi Technology, which likewise runs a resource the executives arm offering crypto-related assets, in spite of the fact that “it shares a vital investor and organizer” in Leon Li.
Regardless of incomes being cut in China, Huobi is commending its eighth commemoration by parting with “millions” in crypto, sending a yet to be picked client to space and following friend FTX in seeking superstar supports. Jun, who maintains the business from Singapore, needs to make half of its labor force global. In any case, the trade has no designs for a worldwide central command, leaning toward its current “decentralized construction”, with workers dispersed all throughout the planet. It is additionally reinforcing its consistence office as administrative issues could surface before very long if the stage keeps on wandering into the vitally monetary centers. Huobi has more than $2bn worth of the questionable stablecoin tie under care and is offering 55% of profits paid in tie for financial backers who store euro or authentic on the trade. That could likewise place the stage in the sights of controllers in the US, the UK and Europe, as they fix their oversight of crypto exercises. A review from the National Bureau of Economic Research said that Huobi and Binance filled in as “a door for tax evasion and other dim exercises” because of absence of know your client (KYC) checks. A representative for the trade said clients need to go through “thorough” KYC cycles to exchange over a specific sum and to have the option to change monetary forms over to computerized coins.
Shares in Elon Musk’s aerospace and technology company SpaceX have surged on their trading debut in New York, in what is being described as the largest initial public offering in history.
The stock climbed as much as 30% in early trading on the Nasdaq, pushing the company’s valuation above $2 trillion and briefly placing it among the most valuable firms in the United States.
The listing, which raised more than $75bn, marks a dramatic milestone for the firm founded in 2002 by Elon Musk, who has become one of the most influential—and divisive—figures in global technology.
Speaking at a launch event in Texas, Mr Musk said the company’s ambitions extended far beyond Earth. “SpaceX wants to be able to take you to the Moon, take you to Mars, and ultimately beyond,” he said, adding that its teams would “make that happen” for customers.
The billionaire entrepreneur—Elon Musk—has reportedly become the world’s first trillionaire following the surge, according to market estimates cited in the offering’s early trading performance.
The IPO priced more than 555 million shares at $135 each, valuing the company at just under $1.8 trillion ahead of its market debut. Within hours of trading, prices peaked at around $175 per share.
The listing also allows for the potential sale of an additional 83 million shares, which could lift total proceeds beyond $86bn.
Investor demand was reported to be heavily oversubscribed, reflecting strong interest in both space exploration and the company’s expanding role in satellite communications and artificial intelligence.
SpaceX has increasingly evolved from a rocket launch provider into a broader technology conglomerate, incorporating satellite operations and artificial intelligence assets linked to Mr Musk’s wider business portfolio.
Market analysts say the listing is being closely watched as a potential benchmark for other high-profile technology firms, including artificial intelligence companies expected to pursue public offerings in the coming months.
The debut also comes against the backdrop of Mr Musk’s increasingly polarising public profile, shaped by his political commentary, business decisions, and ownership of social media platform X.
Despite the controversy, investor appetite for the company appears undiminished, with strong early demand signalling continued enthusiasm for Musk-led ventures.
International visitors flying to Abu Dhabi with Etihad Airways will automatically receive complimentary medical travel insurance for up to 15 days, under a new initiative launching in July 2026.
The cover will be provided at no additional cost on eligible Etihad-operated flights from July to December 2026, with no application required. It will apply only to passengers whose point of origin and point of sale are outside the UAE.
Travellers using Etihad’s stopover programme in Abu Dhabi will also be covered during their stay, subject to terms and conditions.
The initiative has been launched in partnership with Department of Culture and Tourism Abu Dhabi and will be underwritten and administered by Daman National Health Insurance Company.
Officials say the scheme is designed to simplify travel planning and enhance the visitor experience, particularly during peak tourism periods when the emirate is targeting higher stopover and leisure traffic.
“This initiative ensures we meet that demand with an exceptional, end-to-end visitor experience,” said Saleh Mohamed Al Geziry, Director General for Tourism at DCT Abu Dhabi.
Etihad’s chief executive Antonoaldo Neves said the offer would allow passengers to focus on their visit rather than pre-travel formalities, calling it an example of closer cooperation between an airline and a destination.
Abu Dhabi has been expanding its tourism offerings in recent years, with major attractions including Saadiyat Island, Yas Island and the Sheikh Zayed Grand Mosque, as it seeks to strengthen its position as a global stopover hub.
The Ministry of Human Resources and Emiratisation has unveiled strict new rules requiring private sector companies to pay employee salaries on the first day of every month starting June 1, 2026.
The move, introduced under Ministerial Resolution No. 340 of 2026, is part of a wider push to strengthen wage protection and improve labour compliance across the UAE.
Salaries must be paid on time
Under the new regulation:
Salaries for the previous month must be transferred through the approved Wage Protection System (WPS) or another authorised payment platform.
Any payment made after the due date will officially be considered delayed.
The ministry also stated that companies must provide proof and documentation confirming salary transfers.
What happens if companies delay salaries?
Authorities outlined escalating penalties that become more severe the longer salaries remain unpaid.
From Day 2:
Companies enter electronic monitoring
Warning notices are issued
From Day 5:
Suspension of new work permits may begin
Employers are formally notified to clear the unpaid wages
From Day 11:
Administrative fines apply for repeat violations
Companies may be downgraded to the third business classification category
From Day 16:
Labour disputes may be automatically registered for workers
More permit restrictions could follow, especially for larger companies and sectors such as:
Construction
Transport
Cleaning
Security
Recruitment services
From Day 21:
For companies employing 50 or more workers, repeated violations could lead to:
Referral to public prosecutors
Asset seizure orders
Travel bans on company officials
When is a company still considered compliant?
The ministry clarified that businesses remain compliant if they transfer:
At least 85% of total wages are on time
Employees also won’t be classified as unpaid if missing amounts are linked to legally documented deductions.
Some sectors exempt
The decision excludes:
Short-term permits under three months
Fishing boats
Citizen-owned taxis
Banks
Places of worship
The UAE has long pushed for stronger worker protections, but this marks one of the toughest enforcement frameworks yet for salary delays.
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