Huobi Offers Crypto Services in Hong Kong
• Huobi HK announced that it will list BTC, Ethereum, and other major cryptocurrencies.
• The exchange has filed an application notice with the Hong Kong Securities and Futures Commission (SFC) to obtain a virtual asset exchange license.
• Huobi HK now offers spot trading & virtual assets custodian services in Hong Kong.
Application for License
Crypto companies must first apply for a license before they can deliver their regulated services. Huobi HK has filed for a virtual asset exchange license and is now offering spot trading & virtual assets custodian services in Hong Kong. According to a post on Twitter, the exchange filed an application notice with the Hong Kong Securities and Futures Commission (SFC) on May 29th.
Regulations To Protect Retail Investors
To protect retail investors and promote innovation, Hong Kong recently created a crypto licensing scheme for crypto exchanges. Several companies have expressed interest in applying for this license including BTSE, JPEX, and OKX. Huobi main site is where users can access the Hong Kong service.
Major Cryptocurrencies Listed
On May 26th, Huobi HK announced that it will be listing Bitcoin, Ethereum, and other major cryptocurrencies as well as collaborate with auditors to ensure compliance with anti-money laundering rules set by the Securities and Futures Commission in Hong Kong.
Trade Activity of Huobi
Huobi has experienced $12.7 billion in trade activity this month which is less dominant compared to Binance, Coinbase, and OKEx. The cryptocurrency trading platform plans to increase its spending in Southeast Asia, Europe as well as look into potential strategic mergers to expand its ecosystem further .