Huobi exchange secures Dubai regulator’s provisional approval

Huobi Group has received provisional approval to operate from the Dubai Virtual Asset Regulatory Authority (VARA) and has begun the license application process.

🇦🇪We’ve just been granted provisional approval to operate in #Dubai!

We look forward to setting up a regional HQ and offering our services there. To find out more, check out the full announcement here:https://t.co/MICXarzadU pic.twitter.com/LGPjs97KRK

— Huobi (@HuobiGlobal) July 22, 2022

Initially, the company will offer, via the UAE-registered Huobi Investment FZE, spot and over-the-counter exchange services to a limited group of institutional investors. In the future the exchange plans to extend access to retail investors.

Upon approval, Huobi committed to open a regional headquarters and to expand its staff in the region.

«The Government of Dubai aims to turn the emirate into a global hub for the future digital economy and to be at the forefront of financial innovations. Huobi looks with optimism at the city’s potential and the opportunities it offers in the future. We expect to cooperate with VARA and other local authorities to foster further investments and support the virtual assets industry», — said Huobi Group Chief Financial Officer Lily Zhang.

In March, Dubai authorities passed a virtual assets law and established VARA. In the same month the regulator’s licenses were granted to exchanges FTX and Binance; in July the holder became OKX.

Huobi has permissions to operate in several jurisdictions, including Gibraltar, the United States and New Zealand. However, in June the company closed its representation in Thailand after the authorities revoked the license.

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