On May 29, Huobi HK announced its expansion of services after Hong Kong implemented its new crypto exchange license system. The platform now provides spot and custodial services to both retail and institutional customers in Hong Kong. Huobi’s update comes shortly after Huobi Global faced regulatory hurdles in Malaysia, where authorities prohibited the operation of its crypto trading platform without a proper permit.
Huobi HK Launches Spot Trading and Managed Services in Hong Kong
Huobi Global’s Hong Kong trading arm Huobi HK has announced it is offering spot trading services and custodial solutions to retail and professional traders. Hong Kong’s new licensing regime was launched in May with help from Hong Kong’s Securities and Futures Commission (SFC) CEO Julia Leung.
Leung said at the end of April that the effort could make Hong Kong “more attractive [and] more competitive” for “international and Mainland capital.” Crypto trading platforms will be regulated by the regulator’s Fintech Task Force. The SFC is working with international regulators from other regions to “set baseline standards to regulate centralised virtual asset exchanges for adoption in major markets.”
Following the codification of the new licensing regime, Huobi HK announced it would be offering services to retail and institutional traders. “Huobi HK is now offering spot and managed services to professional and retail customers,” the firm tweeted on Monday. “As a pioneer of a virtual asset trading platform in Hong Kong, Huobi HK has officially submitted an application notice to the Hong Kong Securities Regulatory Commission on May 29, and we look forward to obtaining a virtual asset exchange license.”
The company added that Huobi HK will collaborate with independent auditors over the next six months to focus on the platform’s security, anti-money laundering, and compliance operations in order to meet the SFC’s and licensing regime’s requirements. Huobi HK’s entry into Hong Kong follows Huobi Global (the subsidiary’s parent company) getting reprimanded by the Malaysian securities regulator. Malaysia’s authorities have told the exchange to stop soliciting Malaysian residents and to halt operations in the Southeast Asian country.
What are your thoughts on Huobi HK’s expansion into Hong Kong’s crypto market amidst the implementation of the new licensing regime? Share your opinions and insights in the comments section below.
