Join KuCoin

Li Xiaolai, the billionaire founder of cryptocurrency venture capital firm BitFund, has reportedly left the industry as the regulatory pressure in China intensifies.

In a recent post on Chinese microblogging website Weibo, Xiaolai declared that he is done investing in the cryptocurrency industry.

“From this day on, I, Li Xiaolai, will personally not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it,” said Xiaolai in the post.

Xiaolai started BitFund in the middle of 2013 with $3.5 Million, and within one year, the fund became one of the most influential Chinese crypto investment firms. He has been touted as one of the largest Bitcoin holders in all of China and is well-known for his critical attitude towards major groups within the industry, including NEO, Binance and even TRON’s Justin Sun.

The news comes just months after Xiaolai resigned from his role as managing partner of the $1 billion Hangzhou Xiong’An Blockchain Fund due to an ongoing feud with Chen Weixing, another leading Chinese venture capitalist.

While Xiaolai doesn’t explicitly state his reasoning for leaving the industry, the abrupt departure points towards regulatory pressure from the Chinese government, which has made significant strides over the past month to further crack down on cryptocurrency trading in the country, including the banning of over 120 offshore exchanges and pressuring companies to more strictly enforce regulations.

🚀  Wednesday Crypto Market Movers: BSV, NEXO, IOTA, ETP, THETA

Xiaolai plans to take time to explore different career options but emphasized that he is still optimistic about the long-term viability of blockchain technology.

More: Crypto Tycoon Resigns From Blockchain Fund After Alleged Defamation
Similar: Leading Crypto Hedge Fund to Focus on Asia Following SEC Confusion

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Celsius Network