Major Chinese cryptocurrency exchange Huobi has chosen Singapore as its new regional headquarters, Bloomberg reports.
The crypto giant also plans to expand its presence in the European market by establishing a regional base in the U.K. or France within the next two years.
After China banned crypto exchanges in September 2017, Huobi set up an entity in Singapore, and the launch of the new headquarters shows that there is no going back.
Earlier this year, Beijing ramped up its clampdown on cryptocurrencies by purging local Bitcoin miners and declaring cryptocurrency transactions illegal in late September.
As reported by U.Today, Huobi scrambled to ban users from mainland China in the aftermath of the clampdown.
In November, the exchange also announced that it would drop users from Singapore by the end of March 2022.
Alex DovbnyaThe move set the stage for Huobi Singapore, a new regulated entity that aspires to be compliant with both local and global regulations.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dan Burgin
Vladislav Sopov