Tensions between the Beijing and Washington have made it difficult for Chinese companies to pursue IPO listing in the U.S. With already listed companies facing the risk of being delisted from U.S stock exchanges, Chinese companies have had to rethink their plans but not MicroBT.
The Bitcoin mining rig manufacturer is reportedly planning to go public in the U.S. The Chinese company has risen the ranks to become the second-largest Bitcoin mining rig manufacturer in China despite being a new player in the business.
The company’s revenue is on course to hit $1 billion thanks to a boom in Bitcoin prices that has made mining operations viable and profitable. MicroBt is going public in a bid to acquire more funds as it looks to address the growing demand for its Bitcoin mining machines.
MicroBT has already had to set up a manufacturing facility outside China to meet the growing demand for bitcoin mining rigs, some of which form non-Chinese clients. The company was forced to halt plans to go public in 2019 after a standoff ensued between the company’s founder Yang Zuoxing and ex-employer Bitmain over IP issues.
Huobi Rubble Support
Even as MicroBt contemplates listing in the U.S, crypto exchange Huobi has confirmed the addition of the Russian Rubble as one o the currencies supported by the exchange. Users will be able to amke deposits and withdrawals in Rubbles on the platform.
Huobi has added support for the RUB, having inked a partnership with AdvCash, a fiat and crypto payment solutions provider. Likewise, Huobi is to offer RUB deposits and crypto purchases through the AdvCash Wallet.
TG Coins Founder Jailed
As Huobi crypto exchange was adding support for RUB deposits and withdrawals, TG Coins crypto exchange founder Rossen Lossifov was getting a 10 –year prison sentence. The sentencing came after the operator of the Bulgarian crypto exchange was accused of engaging in money laundering with an Eastern European cybercrime syndicate.
In Frankfort, Kentucky, a federal jury concluded there is sufficient evidence indicating that the Bulgarian national engaged in a conspiracy to commit racketeering and money laundering last year.
According to the U.S Department of Justice, Lossifov and other RG Coins actors participated in a large money laundering conspiracy that ended up defrauding 900 Americans over $7 million. As part of the scheme, the conspirators advertised on Craiglist and eBay an array of nonexistent luxury items.
Proceeds from the illegal business were later on routed via crypto payments to criminal organizations. According to the DOJ, Lossifov laundered money to AOAF, a well-known cybercrime syndicate in Eastern Europe.
Separately, a crypto whale believes Bitcoin will break the $55,000 barrier before any major correction occurs. Known on Twitter as 0x_b1, the respected crypto investors also insists that Ethereum has what it takes to set a new all-time high in 2021. The crypto whale owns 441 Ether valued at over $473 million in addition to other crypto assets.