Huobi relocates headquarters, launches exchange in Hong Kong
Justin Sun said in a recent interview that Huobi has applied for a license that allows it to offer crypto trading services in Hong Kong as the Chinese territory pushes to become a hub for digital assets.
In a major shift, the crypto entrepreneur also revealed that Huobi’s Asia headquarters will be relocated from Singapore to Hong Kong. The founder of blockchain network TRON explained that the venture includes launching a new exchange in Hong Kong, aptly named Huobi Hong Kong.
The new exchange would initially cater to high-net-worth individuals and institutional investors, offering a “trusted and secure platform” for deep-pocket Asian investors to invest in digital assets.
“These three years, Hong Kong’s regulatory framework has seen a lot of change for the better, so I am very confident in the future of crypto compliance in Asia, Hong Kong and hopefully China,” Sun told Nikkei Asia.
“This is a major step for the major cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner. In addition to the licensing news. The exchange will be fully compliant with local regulations and offer a range of trading pairs and services to customers,” he added in a Twitter post.
The move comes as Hong Kong’s government is pushing to attract digital asset businesses, which would increase retail investors’ access to top cryptocurrencies and crypto exchange-traded funds.
Huobi, the world’s sixth-largest crypto exchange by trading volume, rebranded itself in November from “Huobi Global” to be simply known as “Huobi”.
Huobi, a former ‘big three’ platform in China, says this brand upgrade unveils its global expansion roadmap following the takeover by About Capital Buyout Fund. Following the transition of ownership, the exchange will embrace a series of new international brand promotion and business expansion initiatives. This includes a global strategic advisory board alongside an injection of capital for a margin and risk provision fund.
Per of its rebranding process, Huobi removed the character for “coin” from its Chinese name and crafted its new mission as “Enhancing Asset Safety, Promoting Financial Inclusion”. The nine-year-old cryptocurrency has replaced the Chinese character “coin” in its name with a character that means “must”.
Huobi was acquired in October by About Capital, a Hong Kong-based fund management firm started by Ted Chen, who founded China’s hedge fund giant Greenwoods Asset Management. Earlier this year, Bloomberg reported that the founder Leon Li was looking to sell his majority stake for over $1 billion, valuing the exchange at $3 billion.
