Huobi is Working on Receiving a License from Hong Kong’s SFC

Huobi hopes to be the first crypto exchange to receive a nod from Hong Kong’s financial regulator.

Huobi Global, a Seychelles-based cryptocurrency exchange established in 2013, is working on receiving a license from Hong Kong’s Securities and Futures Commission (SFC).

According to the tweet shared on February 20th, Huobi hopes to be “one of the first fully compliant” crypto exchanges in Hong Kong.

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Huobi Global Advisor, Justin Sun, used Twitter to comment on the news. The man claims that the move to receive a license from Hong Kong’s regulations is a sign of Huobi’s “continued commitment to operating in a compliant and regulated manner.”

On top of that, Justin Sun noted that the license will allow Huobi to “expand its services and offerings <…> providing a wider range of crypto trading and investment options” to customers in Hong Kong.

Moreover, in its Twitter thread, Justin Sun revealed that Huobi is planning to launch a crypto exchange dedicated to Hong Kong’s crypto market, dubbed Huobi Hong Kong.

Huobi Global Advisor, Justin Sun, finished his Twitter thread by stating:

The new exchange will focus on providing trading services for institutional investors and high net worth individuals in Hong Kong. It positions the exchange as a trusted and secure platform for larger investors in Asia who are looking to enter the crypto market.

Justin Sun discussed the news in an interview with the news portal Nikkei Asia. During the interview, the man revealed that in 2023, Huobi expects to increase its workforce in Hong Kong from 50 to 200 employees. It is worth noting that, in January, Huobi confirmed plans to lay off 20% of its employees.

The move from Huobi comes days after Hong Kong’s Securities and Futures Commission (SFC) launched a consultation on new rules for virtual asset trading platforms. It is worth noting that from June 1st, all cryptocurrency exchanges offering or advertising their services in Hong Kong will have to receive licensing from SFC.

by Gile K. – Crypto Analyst, BitDegree