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Huobi

Huobi Plans To Shift HQ To Hong Kong Due To Positive Regulatory Move

Jammy Hunts
by Jammy Hunts
2 years ago
·
Posted in Crypto regulation
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On February 20, crypto exchange Huobi revealed its plans to shift Asia’s headquarters from Singapore to Hong Kong. This move comes after Hong Kong’s Securities and Future Trading Commission (SFC) proposed a new licensing regime allowing crypto exchanges to serve retail investors with large-cap coins. 

The recent FTX downfall last November worsened the crypto market situation leading many crypto companies to shut down their platforms. And as the FTX saga was the second collapse after the TerraLuna fiasco in May 2022, it alerted global regulators, implying stricter crypto regulations to prevent a repeat.

Related Reading: Zambia Tests Proper Functionality Of Crypto Regulation Technology

Meanwhile, Hong Kong’s regulators took a step forward to make the country a crypto hub by introducing crypto-friendly policies. That’s why crypto companies are lined up to win approval from SFC to capitalize on the positive regulatory move of the regime.

Justin Sun, founder of the Tron (TRX) cryptocurrency and advisor at the Huobi exchange, added in a statement:

These three years, Hong Kong’s regulatory framework has seen a lot of change for the better, so I am very confident in the future of crypto compliance in Asia, Hong Kong and hopefully China,

HTUSD price chart
Huobi Token’s price currently hovers at $5.97 in the daily chart. | Source: HTUSD price chart from TradingView.com

Huobi To Establish A New Platform In Hong Kong

Huobi also plans to establish a new crypto exchange in the city to be named Houbi Hong Kong. The platform’s primary goal will be to scale up its trading services for institutional investors and high-net-worth individuals. Justin Sun is confident about getting approval in the Chinese special administrative region, as Huobi applied for the license last year too. But it failed to meet the stricter regulations requirements of that time, and only two firms managed to get approvals.

While speaking at an interview with Nikkei Asia, Sun highlighted that Huobi could increase its employee count from 50 to 200 for its Hong Kong-based subsidiary. He cited newly proposed crypto-friendly policies as the only reason behind this move.

Notably, Huobi announced a 20% workforce cut in January as part of the company’s efforts to adjust the platform’s infrastructure in line with the current market situation. Mainly, the company decreased its employee count after Justin Sun took control of the platform in October. 

Related Reading: Hong Kong Could Spark Bitcoin And Crypto Bull Market, Here’s Why

While pointing to the “recent turmoil”, Julia Leung, CEO at SFC, highlighted the downfall of giant players like FTX. She pressed the need for transparency in the crypto ecosystem and investor protection as the top priority. 

In light of the recent turmoil and the collapse of some leading crypto trading platforms around the world, there is clear consensus among regulators globally for regulation in the virtual asset space to ensure investors are adequately protected and key risks are effectively managed.

Featured image from Pixabay and chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jammy Hunts

Jammy Hunts

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Jammy is a veteran writer in the cryptocurrency industry, with over a decade's experience covering the latest trends and developments in the market. A recognized expert in the field, Jammy has contributed to some of the world's leading publications, providing insightful analysis and in-depth coverage of the most important issues facing the crypto world today. With a keen understanding of blockchain technology and its potential applications, Jammy is committed to educating readers about decentralized finance's power and its transformative impact on the global financial system. Whether discussing the latest token offerings or exploring the potential of decentralized exchanges, Jammy brings a wealth of knowledge and expertise to every article.

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