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Huobi crypto exchange picks Singapore as regional headquarters

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The operator of the largest Chinese cryptocurrency exchange Huobi will open a regional headquarters in Singapore. Co-founder of the company Du Jun reported this to Bloomberg.

Thus, the city-state will become a new base for the Huobi Group after moving from China, he explained to the publication.

According to Du Jun, in 2023 the company plans to create another regional headquarters in France or the United Kingdom.

Receiving a license from the regulator

In addition, Jun noted that Southeast Asia is an attractive market. Furthermore, in the last month alone, the number of users there has quadrupled.

According to the publication, Huobi International Pte was registered in Singapore in August. Moreover, its majority shareholder is another co-founder of the Chinese firm, Leon Li.

A subsidiary of Huobi Technology Holdings Ltd from Hong Kong has established another company — Huobi Singapore. Which expects to receive a license from the regulator in the island state.

Leaving China before tighter regulation

Recall that in September, the exchange stopped registering new users in mainland China after another wave of repression against the crypto industry. Huobi later declared that all mainland Chinese accounts would be terminated by 24:00 UTC+8 on December 31, 2021.

In October, Huobi finally curtailed derivatives trading for Chinese users. The platform announced on its website earlier this month that it will settle all futures, contracts, and other derivatives activity for all Chinese consumers today.

Due to the Chinese crypto crackdown, Huobi was the first exchange to declare its withdrawal from mainland China. The company introduced restrictions back in June.

Meanwhile, Huobi decided to leave China even before the authorities once again tightened regulation.

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