Huobi Group, which operates Chinese cryptocurrency exchange Huobi Global, has decided to set up a regional hub in Singapore, a representative of company has told Forkast.News.
Fast facts
- In November, Huobi Global pledged to stop offering services to Singapore-based users from March 31, 2022, to comply with local laws, according to a company statement.
- Huobi already has some operations in Singapore. Huobi Singapore, an entity that operates as part of Hong Kong-listed Huobi Technology Holdings, is building an international digital asset exchange in the city-state, and has already applied for a Major Payment Institution Licence, in line with the Payment Services Act, from the Monetary Authority of Singapore. Huobi Global said in September that it would close the accounts of its existing mainland Chinese users by the end of the year after Beijing intensified its crackdown on cryptocurrencies.
- Singapore has emerged as a haven for crypto businesses in Asia. The country is already home to a number of Chinese crypto entrepreneurs and companies, including Changpeng Zhao, the chief executive of Binance, the world’s biggest cryptocurrency exchange, which was founded in China.
- The National University of Singapore Business School this year welcomed a number of high-profile names — including Huobi co-founder Du Jun and He Jinkai, the head of custody at Binance — to its Executive MBA program.
- Huobi Group is also considering establishing another hub in Europe, Bloomberg reported on Tuesday.