Despite problems with local regulators, Huobi, a cryptocurrency exchange that moved from China, decided to set up a head office in Singapore.
Huobi Group Founder Du Jun
reportedthat the cryptocurrency marketplace is opening an office in Singapore. Du Jun has been living in the city-state since returning to his duties at Huobi late last year.
According to him, in 2023 the company plans to open another regional headquarters in France or the UK. It’s worth noting that recently, Binance, which was about to open its headquarters in Paris, faced AML compliance requirements from the local regulator.
Jun said Singapore was selected after the exchange was forced to relocate operations from China. Huobi has been operating in Singapore for many years. The move from Beijing to Singapore signals a widening gap between Huobi and China. In September, the exchange refused to provide services to users from mainland China after the government banned the use of cryptocurrencies.
It is noteworthy that Huobi could not scare off problems with regulators from wanting to locate an office in Singapore. Although earlier, the exchange even suspended service to users from Singapore. Southeast Asia is a very attractive market, Jun says. In November alone, the number of cryptocurrency traders in this country quadrupled.
Singapore becomes home to the iconic people of the cryptoindustry, where they live:
Ethereum founder Vitalik Buterin;
owner of the most expensive NFT A Beeples, acquired for $ 69.3 million.
Binance CEO Changpeng Zhao.
Mintable founder Zach Burke, an Ethereum platform for creating and trading NFTs.
Huobi is not the first major exchange to “settle” in Singapore: in September, the American exchange Gemini, founded by the Winklevoss brothers, opened an office in this city.