Huobi, Biggest Crypto Exchange in China, Picks Singapore as Asia Base

Huobi, Biggest Crypto Exchange in China, Picks Singapore as Asia Base

BUSINESS| Dec 1, 2021 | WOZINGA NEWS

Huobi, Biggest Crypto Exchange in China, Picks Singapore as Asia Base

  • Huobi, China’s largest cryptocurrency exchange, has chosen Singapore as its regional headquarters while maintaining another office in Europe.

By Elah Mae Ariate Wozinga Staff

According to co-founder Du Jun, Huobi Group, the operator of China’s largest cryptocurrency exchange, has chosen Singapore as its regional headquarters while maintaining another office in Europe.

According to Du, the company has relocated its headquarters to Singapore after lately shifting its focus away from its original location of Beijing. Since his return to Huobi at the end of last year, he has been based in the city-state.

‘Southeast Asia is an appealing market’

The company intends to open a new regional headquarters in either France or the UK in 2023, Du stated.

Huobi has staff operating an exchange out of Singapore for years. The establishment of an official headquarters in the city-state signifies a further divergence from its home nation, which outlawed all crypto transactions and services on the mainland in September.

Huobi was created in China in 2013. It has stated that by the end of the year, it will have offloaded all its Chinese users.

Southeast Asia is an appealing market, with the number of trade users quadrupling in the last month, according to Du.

Huobi seeks license from the Singapore Monetary Authority

Huobi International Pte., incorporated in Singapore in August, counts Li Lin, the other founder of the Chinese firm, as the majority shareholder, Bloomberg reported.

The other two shareholders are Atlas Value Ltd. and Zhen Partners Fund I, L.P., the filing shows.

“Singapore has positioned itself as a pioneer in cryptocurrency adoption. It attracts both crypto and fintech companies,” said Ulisse Dellorto, Asia-Pacific managing director of research firm Chainalysis.

Huobi Technology Holdings Ltd., a Hong Kong-listed affiliate, also established in Singapore, which is seeking a license from the Singapore Monetary Authority. Crypto.com, one of the world’s major cryptocurrency exchanges, relocated its headquarters from Hong Kong to the city-state this year.

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