A subsidiary of Chinese cryptocurrency exchange Huobi has received financial approval from the US Financial Crimes Enforcement Agency (FinCEN).
The HBIT team stated that obtaining Asset Management and Securities Advisory (MSB) licenses from FinCEN will provide an opportunity to offer quality and secure cryptocurrency services to US citizens:
“The license will create the basis for conducting crypto-related business in the United States in the future as part of the strategic goals of globalization and compliance.”
A subsidiary of Huobi clarifies that after obtaining a brokerage license, Huobi Technology will be able to conduct foreign exchange transactions (Dealer in Foreign Exchange) and money transfers (Money Transmitter) throughout the United States. Huobi Technology claims that the company has always adhered to the development concept of “security and compliance.”
Huobi Technology intends to provide regulatory-compliant digital services for US users and expand its international business
Some divisions of Huobi Technology have already received permissions for securities advisory and asset management from the Hong Kong regulator. Now they can manage investment portfolios that are entirely composed of crypto assets. Huobi Technology intends to become a trust company by obtaining a trust or corporate service provider (TCSP) license.
HBIT is now actively applying for licenses for securities trading and provision of automated trading services to the Hong Kong Securities and Futures Commission in order to provide services to local residents.
The Huobi Group has received a license to operate from the Dubai International Financial Center (DIFC) and has also been registered with the New Zealand Financial Services Provider Registry (FSPR).