Huobi Greenlit To Provide Services In Australia
- Crypto exchange Huobi has confirmed receiving regulatory approval in Australia from the Australian Transaction Reports and Analysis Centre (AUSTRAC)
- The firm is now greenlit to provide crypto services and other products to investors in the country as it continues to expand its territory
Crypto exchange platform Huobi Group has reportedly received the green light from the Australian financial regulators to register and operate as a digital currency exchange provider in the nation.
According to several reports, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has approved Huobi Global to offer digital assets services to the local customers, enabling them to buy, sell, or trade cryptocurrencies on the platform. Moreover, the exchange will also provide Over-the-Counter (OTC) services in the country in the near future. Lily Zhang, the CFO at Huobi, said that the exchange has always kept security and compliance as its highest priority.
“We believe that only under this principle can we grow alongside the industry to provide professional and secure services to our users,”she said.
Notably, in November 2021, Huobi moved its spot-trading operation to Gibraltar, thanks to the local watchdogs’ support for cryptocurrencies.
“Gibraltar, as a highly experienced, sophisticated, and globally recognized international financial services center, fits our needs well,”Huobi Group co-founder Du Jun stated at the time.
Huobi’s terrific expansion plans
The latest regulatory approval aligns with the company’s expansion plans to solidify its position in the crypto market. Huobi, which was founded in China, had to relocate its operations from China due to local resistance to the cryptocurrency industry. While it has offices all around the world, its main base is in Seychelles in East Africa.
The exchange has received regulatory approval in a number of countries over the last few years, including Japan, South Korea, the USA, and Hong Kong. The Dubai Virtual Assets Regulatory Authority (VARA) recently granted MVP provisional approval to Huobi to offer a range of crypto products and services to its customers in the UAE’s financial hub a few weeks ago. The exchange is reportedly undertaking the process of applying for a license from VARA and opening a regional headquarters.
Obstacles on the way
Despite the massive global expansion plans, the exchange, which has millions of users across over 160 countries, has dismissed 30% of its workforce, citing “the sharp drop in revenue after the removal of all Chinese users.”
It has also paused its operations in Thailand, urging users to withdraw their assets before a permanent shut down. Moreover, a few weeks back, there were rumors all over the place that the company’s co-founder Li Lin, who owns over 50% of the shares, was looking to sell his stake in Huobi.