• Huobi Global announced gearing up for the launch of its Hong Kong division on June 1st
• The expansion comes in the backdrop of the Hong Kong securities regulator – Securities and Futures Commission’s (SFC) decision to allow retail trading in cryptocurrencies
• At launch, the users will be able to trade Bitcoin (BTC), Ether (ETH), Tron (TRX), and Huobi Token (HT).
Huobi’s Expansion into Hong Kong
Huobi Global has announced plans to launch its Hong Kong division on June 1st. The move is in response to recent decisions by the city-state’s securities regulator, Securities and Futures Commission’s (SFC), which have allowed retail trading in cryptocurrencies. The new venue, named Huobi Hong Kong, will comply with local regulations and offer a range of trading pairs and services to customers. At launch, users will be able to trade Bitcoin (BTC), Ether (ETH), Tron (TRX), and Huobi Token (HT).
Rebranding Efforts
Prior to this announcement, Huobi underwent a rebranding process in November 2020 following its acquisition by About Capital Buyout Fund the previous month. As part of their expansion plans, the crypto exchange also sought to establish a presence in the Caribbean. In addition, they plan on ramping up their investments across Southeast Asia, Europe, and other regions while exploring strategic mergers and acquisitions as well.
Regulatory Turmoil
Despite these efforts, Huobi has faced some setbacks due to regulatory issues. For instance, Malaysian regulatory authorities recently forced them to suspend fiat payments via credit cards or e-wallets issued by local banks. Further difficulties were experienced when their attempt at obtaining an operating licence from Thailand’s SEC was unsuccessful due to disagreements over anti-money laundering requirements. However these instances have not deterred them from pursuing their goal of global expansion.
Regulatory Compliance
In order for Huobi’s operations within each region they enter into compliant with local laws and regulations – including those related anti-money laundering compliance – they need an SRO license from each respective jurisdiction’s financial regulators such as SFC or SEC etc.. In addition ,they also need approval from other government agencies such as police departments or tax bureaus if needed .
Conclusion
Huobi continues its quest towards becoming a global player despite facing some regulatory hurdles along the way . With its upcoming debut in Hong Kong , it looks set on furthering its mission of establishing itself as a major presence around world .