Huobi, a digital currency exchange which is based in Singapore, has indicated that it is opening an office in London with a view to expanding outside Asia. According to the senior business development manager of Huobi, Chern Chung, the choice of London was motivated by the fact that the city has the highest level of activity with regards to trading relative to other places in Europe.
It is also understood that Huobi intends to adhere to global regulations with regards to virtual currencies. Other virtual exchanges have been opting to set up bases in other jurisdictions such as Malta and Gibraltar where the legislation on virtual coins is more lax. Cryptocurrency regulations in the United Kingdom is not as lax though.
Gateway to Europe
Per the Huobi Group?s vice president, Peng Hu, London will become the crypto exchange?s entry point to the market in Europe as the firm was intent on going mainstream. Hu added that Huobi was not escaping regulation as it was not afraid of it.
With a base in London it will be possible for Huobi to develop products aimed at the European customer base. Additionally a base in London could allow Huobi to develop strategic relationships with some of the global financial institutions that have operations in the city. Though Brexit has brought a lot of uncertainty on the future of London, a survey conducted by Bloomberg last year in September indicated that the city was still viewed as the top financial center in the world.
Before relocating to Singapore Huobi was based in Beijing but had to move once China order all digital currency exchanges to shut down last year in the fourth quarter. Earlier in the year Huobi also revealed that it would be opening an office in San Francisco, California. This was announced by the chief strategy officer of the virtual currency exchange Cai Kailong during a Blockchain Connect conference held late in January this year. Less than a month ago trading on the South Korean subsidiary of Huobi started.
“Huobi lands in Korea on March 30th, 2018. On that day, we will open 201 trading pairs of 99 digital assets which have passed the strict review for being listed on Huobi,” wrote Huobi in a blog post.
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