Crypto Exchange Huobi has Opened a new Office in London
Huobi opens London office
World’s third largest exchange Huobi has confirmed the opening of its London office today 28th June. The exchange is conducting over-the-counter trading tests which are set to begin in the third quarter of this year. The exchange is currently having a global user base of more than five million clients. In a press release shared by the exchange, it’s continuing with its narrative of expanding into Europe with London being a deliberate choice for its new operations.
According to the exchange:
“We selected London to be the first office in Europe because of its preeminence as a global financial center and more to that the fact that London in the largest virtual currency trading center in Europe with a great active blockchain community and also a fast developing market. The growth of Huobi in the UK will be largely supported by a high-quality technology and finance talent pools and an open digital currency regulatory environment.”
The move to explore Europe is been taken on by many exchanges with Binance which is the World’s largest exchanges having already relocated to Malta. It’s said that Huobi may have chosen London because it’s viewed as the gateway to Europe.
Huibi’s presence in London will provide access to Europe’s financial markets and more to that its presence will also benefit crypto assets startups since they will be able to use Huobi labs as well as the Huobi Ecosystem Fund. This move is spearheaded by Lester Li who is currently operating as the European exchange director. Josh Goodbody will operate as the General Counsel doubling up as the compliance officer at the UK office.
This move has days after Huobi announcing that it was suspending accounts belonging to Japanese citizens. The exchange announced that the decision had been arrived at because of issues with Japanese laws. Huobi informed its Japanese clients that it would close accounts before July 2nd. Japan has been very strict with exchanges after the hack of one of its exchanges in January. Since then many exchanges have been suspended with several others given notices.