Burn Huobi, Burn! Holders of Exchange Voted

The cryptocurrency exchange Huobi today announced the results of the vote held from December 3, which asked the participants to decide the fate of a part of the issue of its own HT tokens.

Earlier, Huobi used 20% of its quarterly revenues to purchase tokens on the market and redistribute them in favor of the existing HT holders. However, the company, in its own words, received numerous requests to change the current model in favor of the one where the redeemed tokens would not be redistributed, but destroyed or ‘burned’. Binance is an example of following this model.

A total of 5,010 users participated in the voting, casting 72,079,205 votes (each equivalent to one HT token). In favor of preserving the current model of airdrop, 13,704,312 votes, or 19.01%, were given, and 58,374,893, or 80.99% support the transition to HT burning.

Now the company promises to announce purchasing HT tokens for the fourth quarter in accordance with the changed conditions within five working days from the end of the voting.

Last week it became known that Huobi will return to Japan with the purchase of a local regulated crypto-exchange Bittrade. In September, the Japanese division of Huobi Global bought a majority stake in the BitTrade site. The platform will break relations with the supplier of its trading infrastructure Bitbank Corp. and get a new address, huobi.co.jp.