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Crypto News - Archive

Huobi HK, in Response to the Introduction of the Licensing Regime in Hong Kong, Now Provides Spot Trading and Custody Services

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Jay Solano

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Author

Jay Solano

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Crypto News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

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Reading time

2 mins
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After Hong Kong implemented its new crypto exchange license system, Huobi HK said on May 29 that it would be expanding its services. In Both retail and institutional customers, the platform now provides spot and custodial services in Hong Kong. Huobi’s update comes soon after Huobi Global ran into trouble with the law in Malaysia, where its crypto trading site could only be used with a proper license.

Spot trading and managed services are now available in Hong Kong from Huobi HK.

Huobi Global’s Hong Kong trading arm, Huobi HK, has announced that it will give retail and professional traders spot trading services and custodial solutions. Hong Kong’s Securities and Futures Commission (SFC) CEO Julia Leung helped start the new licensing system in May.

Leung said at the end of April that the plan could make Hong Kong “more attractive and more competitive” for “international and Mainland capital.” The Fintech Task Force of the regulator will be in charge of regulating sites for trading crypto. The SFC is working with international regulators from other regions to “set baseline standards to regulate centralised virtual asset exchanges so that they can be used in major markets.”

After the new license rules were written down, Huobi HK said it would offer services to both individual and institutional traders. “Huobi HK is now offering spot and managed services to both professional and retail customers,” the company 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.”

https://twitter.com/HuobiGlobalzh/status/1663056188567883777?s=20

The company also said that over the next six months, Huobi HK will work with independent auditors to focus on the platform’s security, anti-money laundering, and compliance operations in order to meet the standards of the SFC and licensing regime. Huobi HK moved to Hong Kong after Huobi Global, the parent company of the division, got in trouble with the Malaysian securities regulator. Malaysia’s government has told the exchange to stop trying to recruit Malaysians and stop doing business in the Southeast Asian country.