Huobi’s ‘daughter’ unit secures Gibraltar financial regulator license

Huobi’s subsidiary has received approval from the GFSC to move spot trading services from the Seychelles to the British Overseas Territory.

“This marks a key milestone in Huobi’s global expansion efforts. The global cryptocurrency industry is moving toward sustainable growth, and we recognise the need to bring our business in line with this trend,” said Du Jun, co-founder of Huobi Group.

The exchange will offer spot trading services through Huobi Gibraltar. The parent company says that the regulated status will appeal to institutional and retail clients.

In 2018 the platform obtained a DLT licence in Gibraltar. The exchange operator did not rule out expanding the local team as the business grows, but stressed that it does not plan to relocate the bulk of its operations.

In March 2021 the Seychelles regulator stated that the exchange did not have a licence, and later removed the post. At that time the company said that the registered Huobi Global Limited has “appropriate status” and provides services in accordance with the law.

In June Huobi blocked access by Chinese and British investors to crypto-derivative trading.

In September the platform ceased registering new users in mainland China after another wave of crackdowns against the cryptocurrency industry.

Huobi decided to leave China even before tightening regulation and excluded any further activity in the country, according to Bloomberg.

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