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Huobi initiate charity to get aid for Coronavirus victims

Huobi has announced it will be following in Binance footsteps by sending aid to victims of Wuhan coronavirus.

The Singapore-based trading platform announced the setup of Huobi Charity, to help provide aid to the victims of Wuhan coronavirus.

According to a post on twitter, Huobi’s first action of the new organization is to match Binance’s 10 million yuan fund.

Binance’s CEO, Changpeng Zhao, had earlier pledged 10 million yuan (around $1.5 million). To help victims impact by the Wuhan coronavirus.

This move has led many Crypto firms to come to the aid victims of the coronavirus.

Huobi establishing a charity fund

The exchange explains that the fund generated from the Huobi charity will be used to purchase protective equipment for staff working with victims. This is all in a bid to control the virus’s spread and to provide financial assistance to medical staff.

In a related post, the new humanitarian section of Huobi further explains how the fund is going to be put to use. It noted that local branches in South Korea, Japan, US, Argentina, Thailand, Indonesia, amongst other locations are currently gathering protective medical equipment for those battling the virus.

Huobi also noted that it has already delivered 20,000 N95 breathing masks to hospitals in Huangguang, province of Hubei, China.

Adding that more equipment will be delivered over the next two days across several of its offices in Hubei province. The exchange is reportedly hoping to provide another 200,000 sets of protective equipment to medical staff in the affected region.

Bitcoin laundering accusation

Notably, both platforms providing aid have recently been accused of allowing illicit Bitcoin to be laundered through their platform.

Research reportedly traced $2.8 billion in illicit Bitcoin believed to be laundered through both Binance and Huobi.

“Binance and Huobi lead all exchanges in illicit Bitcoin received by a significant margin,” said cryptocurrency analysis unit Chainalysis. “That may come as a surprise given that both are two of the largest exchanges operating, and are subject to KYC regulations.”

Chainalysis found more than 300,000 individual accounts on those exchanges had touched Bitcoin sent from “criminal sources” last year. And manually identified a list of the top 100 “rogue” over-the-counter (OTC) cryptocurrency brokers they believe to be money launderers.

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