Huobi Global verlegt Spothandel von den Seychellen nach Gibraltar
One of the largest cryptocurrency exchanges, Huobi Global, has announced the transfer of its spot trading business from Seychelles to Gibraltar.
The exchange announced that it has received approval from the Gibraltar Financial Services Commission (GFSC) to move its spot trading service. Today the company is managed in a registered but unregulated form. This was stated by one of the directors of Huobi Global, Jeff May. According to him, the move to Gibraltar means that from now on, control over the organization will be carried out through the licensed Huobi Technology (Gibraltar) Co. Ltd.
Speaking of a more global license for distributed ledger technology, it is worth noting that Huobi received it from GFSC back in December 2018. In the same year, the regulatory framework for DLT was integrated. This has attracted players like LMAX Digital, eToro, Bitso, and others. However, Huobi's DLT license was exclusively for institutional brokers and OTC services.
Now, when the issue has been resolved with spot trading, the exchange intends to migrate to a “licensed format”. It also includes managing the platform for trading virtual assets and providing broker services.
According to the company's management, the migration will help the exchange attract even more individual and institutional clients who want to trade cryptocurrencies using a regulated platform.
Today, Huobi is having a hard time, because, after the deadly cryptocurrency bans in China, it chose to curtail its activities in the Middle Kingdom, finding itself a new headquarters. Now, according to a statement from exchange co-founder Du Jun, they expect revenue to drop 30% by the end of 2021. In addition, their team is now in the process of shutting down access to Chinese users, so revenues from these customers will drop to zero.
To compensate, the exchange wants to expand on the territory of other countries. According to Jun, they are extremely comfortable doing business in Asia, but a new "accent" is needed and he sees it in entering the international market. In this regard, the management also intends to significantly increase the number of personnel from the current level of 1,000 people.
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