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- Huobi Group, the operator of China’s largest cryptocurrency exchange, has picked Singapore as its regional headquarters while considering other European locations
- Huobi, which was launched in China in 2013, has stated that by the end of the year, it will have removed all Chinese users
- Southeast Asia is a lucrative area, according to Du, where the number of trade users has doubled in the last month
Huobi Group, the operator of China’s largest cryptocurrency exchange, has picked Singapore as its regional headquarters while considering other European locations. After recently shifting its attention outside of its native city of Beijing, co-founder Du Jun told Bloomberg News that Singapore has become the company’s new base. In 2023, the business wants to open a new regional headquarters in France or the United Kingdom, according to Jun.
Huobi, which was launched in China in 2013, has stated that by the end of the year, it will have removed all Chinese users. Southeast Asia is a lucrative market, according to Jun, where the number of trade users has doubled in the last month. While Huobi has had staff operating an exchange out of Singapore for years, the establishment of an official headquarters in the city-state signifies a further divergence from its home nation, which outlawed all crypto transactions and services on the mainland in September. Huobi, which was created in China in 2013, has stated that by the end of the year, it will have offloaded all of its Chinese users.
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Southeast Asia is a lucrative area, according to Du, where the number of trade users has doubled in the last month. According to a filing with Singapore’s Accounting and Corporate Regulatory Authority, Li Lin, the other founder of the Chinese business, is the largest stakeholder in Huobi International Pte., which was founded in August. Atlas Value Ltd. and Zhen Partners Fund I, L.P. are the other two shareholders, according to the filing.
Singapore has established itself as a pioneer in cryptocurrency adoption, attracting both crypto and fintech businesses, Ulisse Dellorto, Asia-Pacific managing director of research firm Chainalysis, said. Huobi Technology Holdings Ltd., a Hong Kong-based subsidiary, has also established Huobi Singapore, which is seeking a license from the Singapore Monetary Authority. Crypto.com, one of the world’s major cryptocurrency exchanges, relocated its headquarters from Hong Kong to the city-state this year.
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