Huobi Receives Regulatory Approval in Australia (Report)

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The Aussie finan­cial reg­u­la­tors report­ed­ly green­light­ed one of the lead­ing cryp­tocur­ren­cy plat­forms – Huo­bi Group – to reg­is­ter as a dig­i­tal cur­ren­cy exchange provider in the coun­try. This is the company’s lat­est expan­sion step and first in Australia.

Found­ed in Chi­na, Huo­bi had to move its oper­a­tions abroad due to the adverse stance against the cryp­to indus­try in the world’s most pop­u­lat­ed nation. It has head­quar­ters in numer­ous coun­tries, while its main base is in the Seychelles.

Huobi Arrives in ‘The Land Down Under’

Accord­ing to a recent cov­er­age, the reg­u­la­to­ry nod from the Aus­tralian Trans­ac­tion Reports and Analy­sis Cen­tre (AUSTRAC) enabled Huo­bi Glob­al to pro­vide cryp­tocur­ren­cy ser­vices to local con­sumers. They can use the plat­form to pur­chase and sell dig­i­tal assets, such as Bit­coin and Ether, in their local cur­ren­cy (the Aus­tralian dollar).

At a lat­er stage, Huo­bi plans to pro­vide Over-the-Counter (OTC) ser­vices. Com­ment­ing on the move was the firm’s CFO – Lily Zhang:

“We have always made secu­ri­ty and com­pli­ance our high­est pri­or­i­ties, as we believe that only under this prin­ci­ple can we grow along­side the indus­try to pro­vide pro­fes­sion­al and secure ser­vices to our users.”

Over the years, Huo­bi secured reg­u­la­to­ry approval in a range of nations, includ­ing Japan, South Korea, the USA, and Hong Kong. In Novem­ber last year, it migrat­ed its spot-trad­ing oper­a­tion to Gibral­tar due to the cryp­to-friend­ly stance of the local watchdogs.

“Gibral­tar, as a high­ly expe­ri­enced, sophis­ti­cat­ed, and glob­al­ly rec­og­nized inter­na­tion­al finan­cial ser­vices cen­ter, fits our needs well,” Du Jun – Co-Founder of Huo­bi Group – said at the time.

A week ago, the Dubai Vir­tu­al Assets Reg­u­la­to­ry Author­i­ty (VARA) allowed the plat­form to offer a vari­ety of cryp­tocur­ren­cy prod­ucts and ser­vices to cus­tomers in the UAE’s finan­cial hub.

Zhang out­lined that Huo­bi is “pleased to see the grow­ing num­ber of licens­es and reg­is­tra­tions” the orga­ni­za­tion receives, which proves its goal to devel­op the indus­try and achieve glob­al expansion.

Huobi’s Problems Because of the Bear Market

Sim­i­lar to Coin­base, Gem­i­ni, Cryp­to­Com, and many oth­er rivals, Huo­bi Group also dis­missed some of its work­force. The main rea­son for the 30% lay­off was said to be “the sharp drop in rev­enue after the removal of all Chi­nese users.”

A few weeks lat­er, the enti­ty halt­ed its Thai­land oper­a­tions, request­ing clients to with­draw all their assets before shut­ting down permanently.

“After the clo­sure of the Huo­bi Thai­land plat­form, Huo­bi Thai­land will no longer have any con­nec­tions nor legal bind­ing with Huo­bi Group and its affil­i­ates. Huo­bi Group and its affil­i­ates are not and will not be respon­si­ble for any issues regard­ing to Huo­bi Thai­land,” the com­pa­ny explained.

A month ago, rumors indi­cat­ed that one of the firm’s Founders – Li Lin – was look­ing to sell his stake in the exchange. The exec holds more than 50% of the shares.

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