Huobi, a cryptocurrency exchange, is now allowed to offer Bitcoin and crypto spot trading in Hong Kong to both retail and institutional investors.
🚨 🇭🇰 Huobi HK offers #crypto trading in Hong Kong to retail, institutional clients.
— Walletor (@walletorapp) May 29, 2023
A Twitter post states that the exchange sent an application notice to the Hong Kong Securities and Futures Commission on May 29. Before they can start providing regulated services, crypto companies need to apply for a license.
#Huobi HK 现已开始向专业和零售客户提供现货和托管服务。作为一家香港虚拟资产交易平台的先驱，Huobi HK 已于 5 月 29 日正式向香港证监会提交了申请通知书，我们期待能够获得虚拟资产交易所牌照。
在未来六个月内，Huobi HK… pic.twitter.com/qkYSqKbLBH
— 火币Huobi中文频道 (@HuobiGlobalzh) May 29, 2023
Moreover, it said that the platform will work with auditors and focus on compliance and anti-money laundering rules. This is to meet the standards of the Hong Kong Securities and Futures Commission.
Hong Kong just put in place a crypto licensing system for crypto exchanges. This new system will protect small investors and make room for new ideas. BTSE, JPEX, and OKX, among other companies, have said they want to apply for the license.
The main Huobi website runs the Hong Kong service. On May 26, the exchange said that Huobi HK would offer Bitcoin, Ether, and other major coins.
Furthermore, the exchange at the time said, “Regulation of web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale. Huobi will continue to collaborate with regulatory authorities in Hong Kong to support the development of a vibrant web3 hub.”
Additionally, the cryptocurrency exchange Huobi has seen a trading volume of $12.7 billion so far this month, trailing larger exchanges such as Binance, Coinbase, and OKX.
