- Huobi Global has applied for a crypto trading license in Hong Kong.
- Justin Sun also announced that Huobi is launching Huobi Hong Kong.
- Continuous regulatory pressure in the US is forcing crypto firms to look for other countries to settle down.
Huobi Global has applied for a crypto trading license in Hong Kong. According to Justin Sun, this marks a “major step” for them as they stay true to their pledge to be fully compliant and regulated.
Aside from the above announcement, Sun revealed that they are launching a local crypto exchange under Huobi as well. Likewise, the local exchange will seek the regulatory approval and oversight of Hong Kong authorities.
Appropriately named Huobi Hong Kong, the exchange aims to cater to institutional investors and wealthy individuals in Hong Kong for now. In the long run, Sun is aiming for the exchange to become a leading platform for customers based in Asia.
The announcement came in the wake of Binance exiting the US market for the foreseeable future. Continuous pressure from authorities such as the US Securities and Exchange Commission (SEC) is forcing crypto companies out of America and into other jurisdictions that may take a friendlier stance in crypto.
For instance, Binance recently entered the South Korean market after it purchased a majority stake in local exchange GOPAX. Meanwhile, OKX, which is based in Seychelles, is starting to gain further traction with the launching of its native blockchain.
