Huobi Gibraltar has received a cryptocurrency license from the Gibraltar Financial Services Commission (FSC). Spot trading operations will be transferred to this jurisdiction.
China Exchange Huobi said in a press release that
will carry over the technical infrastructure for a cloud hosting company registered in Gibraltar and will continue to serve customers around the world. The site intends to maintain a global decentralized management structure without a head office in a specific region.
The exchange’s subsidiary, Huobi Technology (Gibraltar), has received a license for blockchain services from FSC Gibraltar. The permit will allow the company to use blockchain to store data and conduct transactions with clients’ cryptocurrencies. Huobi Gibraltar will be able to provide cryptocurrency trading and brokerage services to its clients in accordance with the FSC registry.
Such a step, according to the platform, should attract institutional investors. Previously, the Gibraltar-based company was a cryptocurrency brokerage firm for institutional investors and high net worth individuals, and also provided OTC trading services for retail users. According to the FSC register, it was registered in 2017.
The ban on cryptocurrencies in the PRC in September forced Huobi to block users from mainland China. After that, the cryptocurrency platform predicted a 30% drop in revenue. To compensate for financial losses, the operator decided to enter the global market. She chose Gibraltar as the service location. Recall that the cryptocurrency exchange tried to carry out an attempt at country diversification back in March. It ended with the Seychelles regulator banning the exchange from offshore.