Huobi is a global blockchain asset financial services provider including exchange, trade, wallet, and storage.
Founded in 2013 in China, Huobi is the world’s leading digital asset trading platform and currently offers trading and investment in more than 100 digital asset pairs. The company now has offices in Hong Kong, Korea, Japan and the United States. In August 2018 it became a publically listed Hong Kong company.
Following a 2017 ban on Bitcoin exchanges by the Chinese government, Huobi stopped Bitcoin withdrawals and shut down its Chinese website, but continued operating overseas as “Huobi Pro”, a Seychelles-registered company. Huobi China continues to operate as a blockchain consulting and research platform.
As of March 2018, Huobi processed around US $1 billion in trades daily.
Alibaba, through the announcement, stated that it is also taking into consideration the “instability of laws and regulations” on crypto around the globe and will not sanction third-party merchants who break the new rules until October 15.
The regulatory climate in Asia has been heated up in recent times with South Korea, and China dishing out rules that have forced crypto trading platforms to shift their operational base from the nations.
On Friday, the Chinese Central Bank declared cryptocurrency activities illegal in the country and vowed to crack down on all cryptocurrency activities within its boundaries yet again.
