Huobi HK Expands Crypto Services in Hong Kong Amidst Regulatory Developments
Huobi HK is stepping up its game by offering spot trading and custodial services to retail and professional traders. This move comes after Hong Kong implemented its new licensing system for crypto exchanges.
The Hong Kong Securities and Futures Commission (SFC) CEO, Julia Leung, believes this regulatory effort will make the city more attractive and competitive for international and mainland capital. The SFC is also collaborating with regulators from other regions to establish global standards for centralized virtual asset exchanges.
Huobi HK wasted no time and submitted an application notice to the Hong Kong Securities Regulatory Commission to obtain a virtual asset exchange license. Over the next six months, the platform will work with independent auditors to ensure security, anti-money laundering measures, and compliance operations meet the requirements set by the SFC and the licensing regime.
Meanwhile, Huobi Global, the parent company of Huobi HK, faced some regulatory hurdles in Malaysia, where authorities asked them to cease operations and stop soliciting residents. But hey, in Hong Kong, it’s full steam ahead for Huobi HK!
Clever Robot News Desk 30th May 2023