Bitcoin exchange Huobi will move to Singapore

by in Cryptocurrency News

Huobi

The operator of China's largest cryptocurrency exchange, Huobi, will open a regional headquarters in Singapore. That was announced by the co-founder of the company, Du Jun.

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

The company plans to establish another regional headquarters in France or the UK in 2023, Du said.

He noted that Southeast Asia is an attractive market, where the number of users has quadrupled in the last month alone.

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Huobi International Pte was registered in Singapore in August. Its majority shareholder is another co-founder of the Chinese firm, Li Lin.

Huobi Technology Holdings Ltd, a Hong Kong-based subsidiary, has established another firm, Huobi Singapore, which is hoping to obtain a regulatory license in the island nation.

In September, the exchange stopped registering new users in mainland China after another wave of crackdown on the cryptocurrency industry.

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In October, the platform finally phased out derivatives trading for Chinese users. The restrictions were introduced back in June.