Crypto Exchange Huobi Can Now Operate in Australia

UTC by Sanaa Sharma · 2 min read
Crypto Exchange Huobi Can Now Operate in Australia
Photo: Depositphotos

Huobi has been persistently trying to develop and grow its international influence all around the world.

Huobi, a Seychelles-based cryptocurrency exchange, has recently bagged trading rights in Australia following its successful registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The recent news of approval from the Australian authorities was revealed by the firm on its Twitter handle.

The company already has offices in countries like Hong Kong, South Korea, and Japan. The firm formally became a publicly listed Hong Kong company in August 2018. As a company, Huobi has been persistently trying to develop and grow its international influence all around the world. The company’s latest acquisition of Latin American crypto-exchange Bitex has led to a greater influence on the exchange in that area.

Huobi Group also tried to enter the market in the United States in 2018. However, the firm did not last for long and quit the market in December 2019 due to regulatory issues. According to Huobi founder Du Jun, the company wasn’t firmly committed to the market, and the management team in the country wasn’t well-equipped. However, soon after the crackdown on cryptocurrency firms in China, Huobi has been planning to reenter the United States market.

Also as a consequence of the Chinese clampdown, there have been rumors of the company reducing its international employee base by more than thirty percent.

Huobi ended up losing almost about a third of its profits from September to December 202, when it ousted Chinese accounts to yield to a ban on cryptocurrency-related movement of money in China. After the initial crackdown in May, Huobi sped up processes to migrate its employees from China overseas.

Huobi has also received approval to offer trading services in the neighboring country of New Zealand by registering with the country’s financial services provider register, known as the New Zealand Companies Officer.

Huobi Tech, which is a Hong Kong-listed subsidiary that is different from Huobi Group, obtained a trust license in Nevada via an entirely local subsidiary. Huobi Tech and Huobi Group, however, have the same founder Leon Li. In November 2021, the company also formally revealed its Asia-Pacific headquarters in Singapore.

Blockchain News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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