Bitcoin exchange subsidiary Huobi has received GFSC approval to move spot trading services from Seychelles to British overseas territory.
“This marks a key milestone in Huobi's global expansion efforts. The global cryptocurrency industry is moving towards sustainable growth and we recognize the need to align our business with this trend,” said Du Jun, co-founder of Huobi Group.
The exchange will provide spot trading services through Huobi Gibraltar. The parent company believes that the regulated status will be of interest to institutional and retail clients.
In 2018, the platform received a DLT license in Gibraltar. The exchange operator did not rule out the possibility of expanding the local team as the business develops, but emphasized that it "does not plan to transfer most of its operations."
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In March 2021, the Seychelles regulator announced that the exchange had no license, and then deleted the message. The company then clarified that the registered Huobi Global Limited has a "proper status" and provides services under the law.
In June, Huobi closed access to crypto derivatives trading to Chinese and British investors.
In September, the platform stopped registering new users in mainland China after another wave of crackdown on the cryptocurrency industry.