Stakeholders in the Chinese firm that was founded to operate cryptocurrency exchange Huobi have resolved to dissolve the entity, according to publicly available records.

The firm, Beijing Huobi Tianxia Network Technology Ltd., was established in late 2013 and is 70.52% owned by Li Lin, the founder and CEO of Huobi Group. It has 10 million yuan ($1 million) in registered capital and a total of five subsidiaries. 

Having passed the resolution in favor of dissolution on July 22, stakeholders will now proceed to deregister Beijing Huobi Tianxia within 45 days. Creditors are asked to declare their claims to the liquidation team, headed by Li, within the same time frame.

“This is an entity that Huobi has registered in Beijing years ago, in the early stages of development," Huobi told Cointelegraph: "Because this entity has not had any business operations, it is unnecessary and has applied for cancellation.”

As of the time of writing, the share price of Huboi Technology Ltd., also owned by Li and a subsidiary of Huobi Group, has fallen by 21.88% during trading hours on Tuesday.

Publicly available records also reveal that OKEx — which, like Huobi, relocated overseas following Beijing’s 2017 crackdown on crypto — also resolved to dissolve a China-based entity called Beijing Lekuda Network Technology Co., Ltd. on June 24. OKEx founder Mingxing Xu, also known as Star Xu, will oversee the liquidation and clearing process for the company. 

Related: China’s crypto industry is gone? Beijing’s crackdown keeps sending shockwaves

The dissolution of both entities comes amid a period of renewed government pressure on the cryptocurrency industry, especially its social media, internet presence and mining sites. Bobby Lee, who operated China’s first crypto exchange, BTCChina, recently voiced his fears that within four or five years, Beijing may make a move to ban cryptocurrency outright.

The parallel development of a central bank-issued digital yuan, or the Digital Currency Electronic Payment (DCEP), proceeds apace as an explicit state rival to decentralized cryptocurrencies.