Cryptocurrency exchange Huobi Global, which obtained a distributed ledger technology license from the Gibraltar Financial Services Commission in 2018, will be migrating its spot trading services to the regulated entity in Gibraltar (“Huobi Gibraltar”), the company announced today.
- Huobi has received approval from the Gibraltar Financial Services Commission to migrate its cryptocurrency spot trading services from its Seychelles-registered entity to the Gibraltar-licensed entity. The move allows Huobi to offer spot trading services to institutions and retail clients in a regulated way. Huobi Gibraltar’s business was previously limited to cryptocurrency brokerage services for institutional users and high net worth individual users, and over-the-counter (OTC) retail services, a company statement said.
- Huobi, one of the leading cryptocurrency exchanges in the world by trading volume, was founded in China in 2013. Following China’s latest crackdown on crypto in September, Huobi has made compliance and global expansion a priority as it winds down its cryptocurrency business for users in mainland China.
- “This marks a key milestone in Huobi’s global expansion efforts. The global cryptocurrency industry is moving towards compliant growth and we recognize the need to align our business with this trend,” said Du Jun, Huobi Group co-founder. “Gibraltar, as a highly experienced, sophisticated, and globally recognized international financial services center, fits our needs well.”
- Gibraltar has adopted a progressive stance towards cryptocurrencies and in 2018, was one of the first jurisdictions to introduce a regulatory framework to regulate providers that store or transmit value using distributed ledger technology.
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