Main navigation

Huobi Token (HT) up 18% as Huobi Goes for Crypto Trading License in Hong Kong

Mon, 02/20/2023 - 11:19
article image
Gamza Khanzadaev
Huobi Token (HT) soars as Justin Sun announces launch of Huobi Hong Kong, but only after license is achieved
Huobi Token (HT) up 18% as Huobi Goes for Crypto Trading License in Hong Kong
Cover image via

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.

Read U.TODAY on
Google News

Huobi Token, HT, is up 18% amid a high-profile announcement from general advisor Justin Sun that the exchange has applied for a crypto trading license in Hong Kong. The last time Huobi Token saw such intraday price action was in October, when Sun's appointment was unveiled. HT currently trades at $6.1 per token.

Bone ShibaSwap (BONE) Price in Green on Huobi Listing News

According to the announcement, Huobi plans to launch a full-fledged new exchange in China's special administrative region, Huobi Hong Kong. The new platform will target Hong Kong high-net-worth institutional investors and individuals, and its operations will be licensed and comply with local regulations.

Hong Kong is for crypto

The announcement from Justin Sun perfectly coincided with the news that Hong Kong plans to allow retail investors to trade cryptocurrencies. To that end, a new licensing regime for cryptocurrency exchanges will be introduced from June 1, 2023.

There are currently only two platforms offering brokerage services for digital virtual assets in what is considered one of the world's financial centres, OSL Hong Kong and HashKey.

Chinese Coins Narrative Gains Steam: Check Out These Altcoins

Together with Huobi Token, quotes of other Chinese tokens such as Conflux (CFX), Phoenix (PHB), VeChain (VET) and NEO have also turned green on the recent news. Projects associated with Justin Sun, such as TRX and JST, are showing modest but also positive momentum.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.