Huobi Receives Regulatory Approval in Australia (Report)

According to reports, the Australian financial regulators have granted approval for Huobi Group, one of the most prominent cryptocurrency platforms, to register in Australia as a digital currency exchange provider. This is the latest expansion of the company and its first in Australia.

Huobi was founded in China and had to relocate its operations overseas due to the negative stance towards the crypto industry in China. Although it has its headquarters in many countries, the Seychelles is where it bases itself.

Huobi arrives in “The Land Down Under”

A recent report stated that Huobi Global received a regulatory nod from AUSTRAC (Australia Transaction Reports and Analysis Centre). This allowed them to offer cryptocurrency services to local customers. The platform allows them to buy and sell digital assets such as Bitcoin or Ether in their local currency (the Australian dollars).

Huobi will offer Over-the-Counter services (OTC) at a later stage. Lily Zhang, the firm’s chief financial officer, commented on the decision.

“We have always placed security and compliance as our top priorities. We believe this principle is the only way to grow with the industry and provide professional, secure services to our customers.”

Huobi has been approved by regulators in many countries over the years. These include Japan, South Korea and Hong Kong. It moved its spot trading operation to Gibraltar in November 2017 because of the crypto-friendly attitude of local watchdogs.

“Gibraltar as an internationally recognized, highly skilled, and globally recognised financial services center, suits our needs well,” Du Jun, Co-Founder of Huobi Group, stated at the time.

The Dubai Virtual Assets Regulatory Authority, (VARA), granted the platform permission to offer a range of cryptocurrency products and services to customers within the UAE’s financial center.

Zhang stated that Huobi is pleased to see an increasing number of registrations and licenses it receives. This proves its commitment to developing the industry and achieving global expansion.

Huobi’s problems due to the Bear Market

Huobi Group, like Coinbase, Gemini and CryptoCom, also laid off some employees. According to Huobi Group, the main reason for the 30% layoff was “the sharp decline in revenue following the removal of all Chinese customers.”

The entity stopped its Thailand operations a few weeks later and requested clients to withdraw all assets prior to closing down permanently.

“Huobi Thailand and its affiliates have ended all legal connections with Huobi Group after the Huobi Thailand platform was closed.” Huobi Group and its affiliates will not be responsible in any way for Huobi Thailand issues,” explained the company.

Rumours circulated a month ago that Li Lin, one of the founders of the company, was seeking to sell his stake. The executive holds more shares than 50%.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the””  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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