Friday, September 30, 2022

Huobi Scores Regulator Approval from Australia’s Regulators

Leading crypto exchange platform Huobi can now offer its service in Australia after receiving approval from regulators. The company shared the good news through different platforms including its Twitter page.

The Seychelles-based exchange has completed its registration with the Australian Transactions Reports and Analysis Centre (AUSTRAC).

With this approval, Huobi can now provide its service to the Australian market. These services center on exchanging fiat cryptocurrency and vice versa.  The firm will begin with the provision of over-the-counter (OTC) services.

Huobi already has a commanding presence in South Korea, Japan, and Gibraltar as it moves to expand its base.

Recently, it got provisional approval from Dubai’s Virtual Asset Regulator Authority (VARA) while it awaits a full license. The VARA approval will allow it to provide virtual service in the region.

Furthermore, the exchange also widened its horizon as it established an American subsidiary called HBIT. After receiving a Money Services Business license, it hopes to launch exchange services in the near future.

In March, the multi-asset broker expanded its Exchange Traded Fund service with the launch of a new service product. The product tracks cryptocurrencies for retail investors in Hong Kong.

In June, Huobi also got approval to operate in New Zealand.

The crypto exchange platform recently launched an investment arm dubbed “Ivy Blocks”. The Investment arm focuses on investment in Web 3 and decentralized finance projects.

Founded in 2013, Huobi shifted base to Gibraltar after China’s crackdown on crypto-related activities in the country.

Exchange firms enter major crypto markets

In recent months, exchange platforms have been securing approval from several regulatory authorities to function as virtual asset service providers.

One of the world’s fastest-growing cryptocurrencies Crypto.com received approval from Cyprus Securities and Exchange Commission CySEC. The Cyprus approval follows that of Italy’s Organismo Agenti e Mediatori (OAM).

Also FTX, through its subsidiary FTX Europe strengthened its hold on the European market after winning CySEC’s approval

Patrick Gruhn, a partner at Crypto Lawyers LLC. a Swiss law firm was tasked with leading the FTX Europe team. Similarly, Coinbase got approval to provide its services in Italy.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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