Huobi Moves Spot-Trading Business to Gibraltar Following Industry Uncertainty in China

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Huobi’s spot-trad­ing will be domi­ciled in Gibral­tar fol­low­ing approval from Gibral­tar Finan­cial Ser­vices Commission.

Huo­bi Group will offer spot-trad­ing ser­vices in Gibral­tar through  Huo­bi Tech­nol­o­gy (Gibral­tar) Co. Ltd., a cen­tral­ized dig­i­tal asset exchange licensed and reg­u­lat­ed by the Gibral­tar Finan­cial Ser­vices Com­mis­sion. Pri­or to this, spot trad­ing was tak­ing place in the Sey­chelles. Before this, Huo­bi Tech­nol­o­gy Gibral­tar was licensed by the GFSC in 2018 for insti­tu­tion­al bro­ker­age and over-the-counter ser­vices. A dis­trib­uted ledger tech­nol­o­gy (DLT) legal frame­work was pub­lished in Octo­ber 2017 and rat­i­fied in Jan­u­ary 2018, under which Huo­bi operates.

The DLT license enables the use of DLT to store and trans­mit val­ue to oth­ers while exe­cut­ing activ­i­ties approved by the GFSC. This migra­tion will undoubt­ed­ly be music to the ears of insti­tu­tion­al investors, who require the meet­ing of rigid com­pli­ance require­ments. Bit­so, eToro, and INX are some of the com­pa­nies that took advan­tage of the new legislation.

Huo­bi is mov­ing some of its infra­struc­ture and cloud host­ing to Gibral­tar. Founders unan­i­mous­ly backed the deci­sion to move out of Chi­na on Sept. 24, before Chi­nese reg­u­la­tors announced the blan­ket ban on cryp­tocur­ren­cy activ­i­ty lat­er that day.

Gibraltar’s crypto foresight

BeIn­Cryp­to recent­ly report­ed that Gibral­tar had been one of the most for­ward-think­ing gov­ern­ments con­cern­ing cryp­tocur­ren­cy and blockchain tech­nol­o­gy. A work­ing group was estab­lished in 2014 to inves­ti­gate cryp­tocur­ren­cies after bitcoin’s first bull run. Albert Iso­la, Min­is­ter for Dig­i­tal and Finan­cial Ser­vices, out­lined the plan, which involved a core set of nine prin­ci­ples, with­in which some flex­i­bil­i­ty could be had, such that inno­va­tion is main­tained while pro­tect­ing investors.

What does Huobi do?

Huo­bi Group was found­ed in 2013 to inno­vate in core blockchain tech­nol­o­gy. Huo­bi Group holds the fol­low­ing licens­es: DLT license, mon­ey lend­ing license, and Char­i­ty reg­is­tra­tion in Gibral­tar, 007 cryp­tocur­ren­cy exchange license in Japan, Type 4 (advis­ing on secu­ri­ties), Type 9 (asset man­age­ment), Trust, and TCSP licens­es in Hong Kong, and a Trust com­pa­ny license in Neva­da, Unit­ed States. Accord­ing to Huo­bi Group co-founder Du Jun, the move to Gibral­tar is vital since it aligns with glob­al trends toward com­pli­ant growth.

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All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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