Media: Huobi to relocate regional HQ to Singapore

The operator of the largest Chinese cryptocurrency exchange Huobi will open a regional headquarters in Singapore. Bloomberg reported this, citing the company’s co-founder Du Jun.

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The city-state will become the new base for Huobi Group after the move from China, he told the publication.

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Du said that in 2023 the company plans to establish another regional headquarters in France or the United Kingdom.

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He noted that Southeast Asia is an attractive market, with the number of users there having grown fourfold in the last month alone.

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According to the publication, in August Huobi International Pte. was registered in Singapore. Its majority shareholder is another co-founder of the Chinese firm — Li Lin.

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A subsidiary of Huobi Technology Holdings Ltd of Hong Kong established another company — Huobi Singapore, which is seeking a license from the regulator in the island state.

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In September the exchange stopped registering new users in mainland China after another wave of repression against the cryptocurrency industry.

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In October the platform completely halted trading derivatives for Chinese users. The restrictions were introduced in June.

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Earlier, Huobi decided to leave China even before authorities tightened regulation again.

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