2023: A year of success for Com2uS Platform

Hong Kong court grants trademark injunction against HuobiThe Hong Kong Special Administrative Region High Court has resolved a trademark dispute between X-Spot Global Limited and Huobi Global Limited, ruling in favor of X-Spot.Back in June, X-Spot alleged that Huobi Global infringed on its trademark rights related to the “Huobi” name. In the legal process which followed, the court sided with X-Spot, compelling Huobi Global to cease using the “Huobi” trademark or any similar name or logo in Hong Kong.Photo by Tingey Injury Law Firm on UnsplashPotential confusionThe court’s official judgment highlighted concerns about potential confusion among the public and industry professionals arising from Huobi Global’s use of the “Huobi” trademarks. It emphasized that such confusion could lead people to believe that X-Spot Global, as the registered trademark owner, is actively engaged in cryptocurrency business associated with the trademark. In response, the court dismissed Huobi Global’s plea to revoke the service order and halt negotiations, also instructing the covering of X-Spot Global’s legal expenses.Post-acquisition conflictThe background to this dispute originates in the acquisition of Huobi Global last year. It’s widely believed that TRON blockchain network founder Justin Sun purchased the exchange for $1 billion although Sun has subsequently suggested that he is just an advisor to the crypto exchange business. The acquisition was made by About Capital Management, an entity associated with the controversial crypto entrepreneur.In May of this year, Sun claimed that Wei Li, a brother of Huobi founder Leon Li, had unjustly profited from the sale of Huobi’s native HT token. The disagreement escalated and as a consequence of that conflict, it became apparent that the acquisition agreement explicitly prohibited the buyer from using the “Huobi’’ trademark.Leon Li accused the cryptocurrency exchange of violating the acquisition agreement’s rules by unauthorized use of the “Huobi” trademark. This legal battle has shed light on the strained relationship between Leon Li and Justin Sun.The court’s decision adds a layer of complexity to Huobi Global’s legal challenges, intensifying existing regulatory issues. Notably, the cryptocurrency exchange is already grappling with a recent order from Malaysian authorities to cease operations in the country due to alleged illegal activities.The ruling comes at a critical juncture for Huobi Global. In September the business rebranded to HTX, signaling aspirations for global expansion amidst a shifting legal landscape. At the time, Justin Sun provided the rationale behind the rebrand. Taking to the X social media platform, he wrote:“It’s very hard for foreigners, Westerners, to pronounce ‘Huobi’… It doesn’t make any sense to them.” Sun went on to explain that the word Huobi means fire and coin in Chinese, adding, “That’s why we rebranded as HTX for international branding.”In light of this trademark infringement injunction decision, it could equally be speculated that the company was acting in advance of an unfavorable ruling in compliance with the terms of the business acquisition agreement.In reaching a decision on the matter, Judge Mimmie Chan J noted the lack of a defense mounted by Huobi against the trademark infringement action.

Chinese Pull Crypto TV Video Following Binance CEO’s CommentsEarlier this week, a Chinese state-owned TV channel featured a segment shedding light on Bitcoin, emphasizing its surging popularity and widespread adoption. The piece, broadcast on China Central Television (CCTV) on Wednesday, was met with enthusiasm from crypto proponents. However, on Thursday the video was removed from the TV broadcaster’s platform.Photo by Road Trip with Raj on UnsplashA perceived policy shiftThe segment sought to provide viewers with a comprehensive overview of digital assets, their diverse applications, and potential benefits. The reaction of Changpeng Zhao (CZ), CEO of global crypto exchange Binance, stoked up further community interest. Taking to Twitter, CZ stated:“CCTV (China Central Television) just broadcasted crypto. It’s a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.”CZ’s tweet reverberated throughout the crypto space, leaving many curious about his perspective on the TV segment’s significance. A highly influential personality in the crypto sector, CZ later clarified his stance, asserting that the segment signaled a shift in China’s approach to cryptocurrencies. He proposed that the state media’s coverage reflected a more positive sentiment and hinted at a potentially evolving regulatory landscape.Video removalSoon after CZ’s comments, the Chinese state media broadcaster removed the video segment focusing on Bitcoin. This development raised eyebrows and fueled speculations regarding the motives behind its removal. Within the crypto community, many speculated that CZ’s mention of the segment might have prompted Chinese authorities to take it down. However, the precise reasons behind the removal remain uncertain.One of the events that triggered the video segment appears to have been news earlier this week that Hong Kong is moving to enable crypto trading at a retail level. There’s been significant reporting on crypto developments related to Hong Kong over the course of the past six months. There has been a notable policy shift, and it appears that Chinese authorities are happy to see Hong Kong compete openly to become a regional hub for the crypto sector.There’s no doubt that people in the crypto sector would like to see signs of a softening of the approach to crypto in mainland China too. Many might have perceived this TV airtime as an indicator of that. However, it’s more likely that the Chinese are pursuing a dual-pronged strategy. They’re very cleverly participating in the developing innovation in digital assets via the Chinese autonomous territory of Hong Kong, while at the same time, maintaining a hardline stance against crypto on the mainland.The crypto sector continues to progress, and the regulatory landscape is ever-changing within various jurisdictions. On that basis, and given the importance of the Chinese market, it’s worthwhile to continue to closely monitor China’s actions. Any changes in the country’s approach to cryptocurrencies can have far-reaching consequences for the industry.Whether this recent event signals a more optimistic outlook or merely underscores the persisting regulatory uncertainty, it serves as a reminder that the crypto landscape is in constant evolution, holding surprises around every corner.

The South Korean port city of Busan yesterday convened a meeting to reaffirm the city’s commitment to establishing a blockchain-specialized cluster in the region.  The meeting took place at the Busan Technology Innovation Center located in Busan International Financial Center (BIFC), attended by Busan Vice Mayor for Economic Affairs Kim Kwang-hee, the Korea Internet & Security Agency Director Lee Sang-joong, Busan Technopark Chairman Kim Hyung-gyun and representatives of companies stationed at the BIFC. Photo by Dane Kim on Unsplash$15 million investment by 2026In a bid to foster blockchain technology companies in the region, the local government has outlined plans to invest a total of KRW 20 billion, or over $15 million, in the blockchain cluster project for the next three years until 2026. The Busan government and the central government are each responsible for providing half of the project’s investment fund. Starting off, KRW 6.2 billion will be allocated this year. Among the project’s main objectives are identifying local startups with high potential for blockchain technology integration, facilitating their connections with VCs for fundraising and promoting the project’s achievements. Participating companies are set to share their annual performances this upcoming December.  Most importantly, the city aims to attract blockchain companies to the region, lay business foundations for them and transform the city into a blockchain industry hub.  Ambition to become a global blockchain hub Vice Mayor Kim said the city will keep supporting local blockchain startups so that these entrepreneurs can settle down in Busan, with the aim of turning the city into a global blockchain hub.