- Huobi Group extending its operation of Crypto exchange globally.
- Huobi’s Thailand affiliate was closed due to its inability to solve systematic issues.
Huobi Global is among the leading digital asset exchanges in the world, founded in 2013. Huobi Group is a leading global blockchain company. As part of its expansion, Huobi Global has rendered its product and services to digital asset trading, public blockchain, wallets, mining pools, project incubation, digital asset research, etc.
Huobi Group is planning to start its crypto exchange operations in the British Virgin island after obtaining a permit from the local financial institution.
On Friday, a Seychelles-registered crypto firm mentioned obtaining approval from BVI Financial Services Commission on the application filed to operate as a crypto Exchange in the British Virgin Islands under Huobi regulated local subsidiary Brtuomi Worldwide Limited.
Since April 2022, Brtuomi has been among the two partakers in the fintech regulatory Sandbox established by FSC to let companies trial new financial solutions and services.
Huobi was specially founded for not permitting foreign crypto exchanges to function in China.
Earlier in July 2022, the Huobi Global affiliate obtained approval for a money transfer license in the United States that will help foreign exchanges and money transfer operations across the U.S.
Huobi Group mentioned that its Subsidiary had acquired an “Investment Business License” in British overseas territory. Although Brtuomi did not appears on the list of FSC-regulated entities that held a business license at press time.
Huobi, in its official announcement, didn’t mention its plan to establish the local exchange but quoted that it is working with regulators “to develop a suite of licensed trading products and services.”
Recently, Huobi’s Thailand affiliate was closed due to its inability to solve systematic issues even after extensions from local regulators.
On August 16, 2022, Huobi announced stopping end derivatives trading due to compliance with local regulations. The news came a few months after it received its initial license to operate in New Zealand.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.