Huobi Hong Kong Exchange Launched Amid Regulatory Pressure

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A major asset exchange founded in China, Huobi, has announced its strategy to acquire regulatory confirmation in Hong Kong to offer crypto services in the unique Chinese financial zone.

The announcement came just after the local Securities & Futures Commission purported that it is including changes in its present guidelines enabling retail customers to transact virtual assets in the region.

Huobi Desires to Launch an Exchange

According to Finance Markets, as of June 1st this year, any centralized crypto platform that operates business in the city or aims at retaining the Hong Kong crypto markets must acquire a permit from the Securities and Futures Commission under a new authorization infrastructure.

In addition, the local regulatory officials introduced a public discussion concerning the newest regulatory administration. They sought a response on the capable registration of retail customers and traders to the virtual asset market. Only expert traders and organizations can access a limited range of virtual assets.

Furthermore, Huobi posted on their social media handle, Twitter, that the company is impressed with the city’s ambitions. Therefore, Huobi is working relentlessly to safeguard and ascertain virtual digital asset trading permits.

It noted that their target is to be among the first enterprises fully authorized in Hong Kong and partner with our across-the-border customers to foster crypto asset maturity.

The current chief executive officer of Huobi, Justin Sun, purported in a different set of tweets that his organization desires to introduce a new digital asset exchange in the city which will be fully authorized with local securities. Currently, organizational customers and high-level consumers will be its number one priority.

A publicly listed digital asset service provider, Interactive Brokers, is another common company that chose to venture into the city’s virtual asset market. The action was announced the previous week and came with increasing appetite among the broker’s merchants.

Huobi Workforce Reduction & Universal Remodeling

The latest report was published when the virtual crypto asset service provider reduced its current workforce by at least twenty percent. At the start of the year, the Seychelles-based and Chinese-funded trading platform announced that it desires to retain a very small group to counter the present bear market and the extended crypto winter.

Meanwhile, the company remodeled its brand and changed its official name to Huobi Global from Huobi. The latest branding plan works hand in hand with the universal extension strategies and the present purchase by About Capital, a buyout fund based in Hong Kong.

During a press release, the company will maximize on developing high-end assets, foster virtual assets with a strong capitalization potential, and encourage communities constructed on projects to uphold the spirit of utilizing technology and science for life. In addition, the officials reported that the company would work restlessly to develop a secure, more stable, and safer ecosystem for customers to be involved in early-stage quality initiatives.

In addition, the company also purported in September of the previous year that it had obtained permission from the Financial Services Commission for the British Virgin Islands. The financial service commission permit was issued to the company’s, Huobi local subsidiary, Brtuomi global limited. Brtuomi global limited approval enabled the company to provide organizational-grade virtual assets derivative products in the jurisdiction.

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