Huobi Set To Expand Crypto-related Business To The U.S.
Hong Kong-based cryptocurrency exchange Huobi is set to expand its crypto-related business to the U.S. in the future. Its subsidiary HBIT Inc. has successfully obtained the Money Services Business (MSB) license issued by the U.S. Financial Crimes Enforcement Network (FinCEN).
This will be a re-entry to the U.S. market for Huobi after ceasing operations more than two years ago in December 2019 to comply with regulations. This time around Huobi is expected to find stiff competition from companies like Coinbase.
Huobi is one of the top ten biggest cryptocurrency exchanges by trading volume globally, according to CoinGecko.
After obtaining the MSB license, the brokerage business of Huobi can conduct foreign exchange (Dealer in Foreign Exchange) and money transfer (Money Transmitter) operations throughout the U.S.
The MSB license also sets a foundation to further provide safe and compliant digital asset services for users in the U.S. in the future. This expansion to the U.S. is part of Huobi’s strategic goals of globalization and compliance.
Huobi noted that European and American countries have relatively clear regulations on digital currencies, with the U.S. showing speedy regulatory development and driving the orderly development of digital assets.
Huobi added that it has always adhered to the development concept of “safety” and “compliance”, and continued to build and improve a one-stop digital asset service platform for the entry of traditional finance.
Huobi’s Brokerage business continues to provide high-quality professional services for institutions and high-net-worth individual users, and establishes sufficient asset security for users through perfect anti-money laundering, KYC and other standards and risk control systems.
Following tight regulation on cryptocurrencies in China, Huobi exited its home market to lose about 30 percent of its revenue. The company then focused on international expansion after moving its Asia headquarters to Singapore. It is also exploring setting up a headquarters in Europe.
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