June 14, 2024
X-Spot Wins Trademark Battle with Huobi Global in Hong Kong. (1)
Latest Cryptocurrency News

X-Spot Wins Trademark Battle with Huobi Global in Hong Kong

X-Spot Global Limited, owned by Leon Li, co-founder of Huobi Global exchange (now HTX), has obtained an injunction against Huobi Global, instructing it to stop using the “Huobi” trademark in Hong Kong.

As per a recent Hong Kong High Court decision, HTX exchange is prohibited from utilizing the trademark “Huobi” (火幣) and the Chinese business name “火必” deemed “confusingly similar” to the English trademark in Hong Kong. This restriction is in effect until a final trial is conducted. Presiding judge Mimmie Chan J stated:

“At this stage, I am unable to see any arguable defense to the Plaintiff’s claim of trademark infringement, and as Counsel for the Plaintiff submitted, there is no need to consider the adequacy of damages or the balance of convenience for the grant of the Injunction sought.”

Legal documents disclose the registration of the Huobi trademark in 2019 in Hong Kong. Despite the September 2022 sale of Huobi Global to About Capital Management, a company associated with Chinese blockchain personality Justin Sun, court filings reveal that the Huobi trademark’s rights were transferred to Leon’s X-Spot Global Limited before the acquisition.

This fact is acknowledged by both parties. In July 2023, X-Spot Global initiated a trademark infringement lawsuit against Huobi Global in Hong Kong. At that time, Huobi Global asserted its entitlement to use the trademark freely, citing trademark rights in various legal jurisdictions globally.

Sun accused Wei Li of obtaining millions of Huobi Tokens through “abnormal means” at zero cost and consistently selling them. In response, Lin Li stated, “I hope Huobi can provide evidence. If it is confirmed that it is zero-cost HT was obtained through illegal means, I will personally pay 10 times the HT [amount] to Huobi company.”

Image by rawpixel.com on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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