Huobi Group Obtained a License to Operate in the British Virgin Islands
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- Huobi Group expands its Crypto Exchange operations worldwide.
- Huob’s Thai subsidiary was closed because it could not solve systematic problems.
Huobi Global is one of the world’s leading digital asset exchanges, founded in 2013. Huobi Group is a leading global blockchain company. As part of its expansion, Huobi Global has brought its products and services to digital asset trading, public blockchain, wallets, mining pool, project incubator, digital asset research, etc.
Huobi Group plans to start its crypto exchange operations in the British Virgin Islands after receiving permission from a local financial institution.
On Friday, the Seychelles-registered crypto company said it had received approval from the BVI Financial Services Commission for an application to operate as a crypto exchange in the British Virgin Islands under Brtuomi Worldwide Limited, a local subsidiary regulated by Huobi.
Since April 2022, Brtuomi has been included in two of the Sandbox of fintech regulation established by the FSC, so that companies can try new financial solutions and services.
Huobi was founded specifically because it does not allow foreign crypto exchanges to operate in China.
Earlier in July 2022, the Huobi Global subsidiary received approval for a money transfer license in the United States, which will assist foreign exchange and money transfer operations throughout the United States.
Huobi Group mentioned that its Subsidiary had obtained an “Investment Business License” from the British Overseas Territory. Although Brtuomi did not appear in the list of licensed FSC regulated companies at press time.
In its official announcement, Huobi did not mention its plan to establish a local exchange, but said it is working with regulators “to develop a series of licensed trading products and services.”
Recently, Huob’s Thai subsidiary was shut down after failing to resolve systemic issues even after extensions from local regulators.
On August 16, 2022, Huobi announced that it would stop derivatives trading due to compliance with local regulations. The news comes a few months after it was first licensed to operate in New Zealand.