The Hong Kong Special Administrative Region High Court has issued a significant ruling in a trademark dispute between X-Spot Global Limited and Huobi Global Limited.
X-Spot accused Huobi Global of infringing its trademark rights over the 'Huobi' name. The court ruled in favor of X-Spot, ordering Huobi Global to cease using the 'Huobi' trademark or any similar name or logo in Hong Kong during ongoing legal proceedings.
As per the official judgement, The court sided with X-Spot Global, stating that Huobi Global’s use of the ‘Huobi’ trademarks could create confusion among the public and professionals in the industry.
The court emphasized that this confusion might lead people to think that X-Spot Global, as the registered trademark owner, is actively involved in the cryptocurrency business associated with the trademark. The court dismissed Huobi Global’s request to revoke the service order and halt the proceedings for negotiations. Additionally, Huobi Global was ordered to cover X-Spot Global's legal expenses.
Following allegations by Huobi Global Advisor Justin Sun, Li Wei's account was suspended for allegedly selling Huobi Tokens (HT). The legal battle started when Huobi Global Advisor Justin Sun, Li Wei’s account was suspended for allegedly selling Huobi Tokens(HT). This agreement specifically stated that the buyer was not allowed to use the "Huobi" trademark.
The founder of Huobi, Li Lin, claimed the cryptocurrency exchange had violated the rules of the acquisition agreement by using the ‘Huobi’ trademark without permission. This lawsuit also shed light on the strained relationship between Li Lin and Justin Sun, the founder of Tron.
This ruling makes Huobi Globals legal challenges even more complex and intensifies existing regulatory problems. The cryptocurrency exchange is already facing a recent order from the Malaysian authorities to cease operations in the country due to alleged illegal activities. Notably, In September 2023, Huobi rebrands to HTX.com, eyeing global expansion.
Thanks for reading.