Stakeholders in the Chinese house 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 Applied science Ltd., was established in late 2022 and is 70.52% owned by Li Lin, the founder and CEO of Huobi Grouping. It has x million yuan ($i million) in registered capital and a total of 5 subsidiaries.

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

"This is an entity that Huobi has registered in Beijing years ago, in the early stages of evolution," Huobi told Cointelegraph: "Considering this entity has not had any business organisation operations, it is unnecessary and has applied for counterfoil."

As of the time of writing, the share toll of Huboi Technology Ltd., besides owned past 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 2022 crackdown on crypto — too resolved to dissolve a Mainland 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 among a flow of renewed government pressure level on the cryptocurrency industry, particularly its social media, internet presence and mining sites. Bobby Lee, who operated China's first crypto exchange, BTCChina, recently voiced his fears that within 4 or 5 years, Beijing may make a motion 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 land rival to decentralized cryptocurrencies.