Huobi to Open New Crypto Exchange in Hong Kong, Says Justin Tron, as Competition With Singapore Hots Up

Crypto mogul Justin Sun has announced that the Huobi cryptocurrency exchange will expand its operations to Hong Kong. Sun plans to capitalize on Hong Kong’s goal of becoming a global cryptocurrency hub. Huobi Global is currently seeking an operating license in Hong Kong.

Huobi to open a new crypto exchange in Hong Kong

Sun, a Huobi Global Advisory board member, said that if the exchange managed to obtain a license in Hong Kong, it would provide a wide range of cryptocurrency trading and investment options to users based in Hong Kong.

Besides seeking a new license, Sun also said that Huobi was planning to launch a new exchange in Hong Kong known as Huobi Hong Kong. He noted that this exchange would be fully compliant and provide customers with multiple trading services and trading pairs.

Sun said,

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 looking to enter the crypto market.

While speaking in an interview with Nikkei Asia, Sun confirmed the news saying that Huobi was planning to increase the staff in Hong Kong from 50 to 200 this year. He noted that the friendly attitude of Hong Kong regulators towards the crypto industry was fuelling this expansion.

The Nikkei Asia report also said Huobi wanted to move its headquarters from Singapore to Hong Kong. Huobi has also confirmed this development, saying that it wanted to be among the first fully compliant exchanges in Hong Kong.

Hong Kong plans to be a global crypto hub

Huobi’s expansion to Hong Kong comes when the city proposes a friendly framework for digital assets. On Monday, the Hong Kong Securities and Futures Commission proposed rules allowing retail investors to trade large-cap cryptocurrencies on licensed platforms.

The plans by Hong Kong to emerge as a global crypto hub starkly contrast with the blanket ban China imposed on crypto activities. Nevertheless, it seems like China is giving a subtle nod to Hong Kong and supporting its initiative to attract crypto investments.

A report by Bloomberg said that Beijing officials have not opposed Hong Kong’s plans. According to the report, the China Liaison Office representatives have been attending meetings discussing Hong Kong’s crypto plans. Their attendance at these meetings has been friendly, showing that Beijing could be willing to use Hong Kong as a testing bed for crypto activities.

Nevertheless, the regulatory push in Hong Kong is attracting interest across the crypto market. Besides Huobi, other exchanges, such as OKX, also seek licenses in the city. The co-founder of the Gemini exchange, Cameron Winklevoss, also said that the next crypto bull market would start in the East, signaling the friendly regulatory framework in Hong Kong.


Love Hate Inu - Next Big Meme Coin

Our Rating

Love Hate Inu
  • First Web3 Vote to Earn Platform
  • Vote on Current Topics and Earn $LHINU Tokens
  • Secure, Reliable and Anonymous Voting
  • Rug Pull Proof - 90% of Tokens Available in Presale
  • Accumulate Voting Power by Staking $LHINU Tokens
Love Hate Inu