Crypto Exchange Huobi Now Able to Operate in Australia
Seychelles-based Cryptocurrency Exchange Huobi has been given the green light to begin offering its exchange products and services in Australia, following its registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) on 1 August. The exchange platform will now be able to perform fiat to Cryptocurrency Trading Services in the country. A company representative has also said that they will be focusing on providing OTC registrations.
Also Read: Coinbase Exchange Faces SEC Investigation Over Its Crypto Listings
This move comes as the exchange platform looks at broadening their geographic reach and plan moving into the American market as well after building a strong presence in Asian market. In July 2022, the company formed an American subsidy, HBIT, and it has also received a Money Services Business permit.
It seems like the Cryptocurrency Exchange is on a roll, since it also received new licenses in New Zealand and the United Arab Emirates in June 2022. Moreover, Dubai is Virtual Assets Regulatory Authority (VARA) also gave the exchange platform provisional approval, allowing it to begin services in Dubai. The local firm is set to offer a complete range of Cryptocurrency Exchange Services, operating under a test-adapt-scale business model on the road to becoming licensed exchange.
Also Read: A Detailed Guide To The Coinbase Account Recovery
"Huobi has also continued to expand its global footprint, most recently acquiring Latin American cryptocurrency exchange Bitex to boost its business in that geography. The company is also planning to return to the U.S."
While Huobi has continued to expand in other geographies, it has faced challenges in Thailand. They were forced to permanently shut their operations after failing to comply with laws and regulations of the Thai Securities and Exchange Commission. The exchange platform also had to fight another battle in late 2021 when they had to relocate to Gibraltar, given China’s continued clampdown on Cryptocurrency.
According to China-based cryptocurrency-journalist Colin Wu, the exchange platform may cut its global staff by more than 30% in the wake of China is continuous curb on Cryptocurrency Trading.
Also Read: How To Buy BTC Using Binance P2P
The exchange platform currently supports trading for more than 400 cryptocurrencies and continues to add more to its roster every year. It is also known as one of the most liquid exchanges on the Cryptocurrency Market.
Leave a Comment