Don't Miss Out on Huobi Crypto Exchange!
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Don't Miss Out on Huobi Crypto Exchange!

written by John Murphy | February 24, 2023

Approximately 200 people will be employed by the cryptocurrency exchange in Hong Kong by the end of the year. Not long ago, they fired about 20 percent of their staff. 

In Hong Kong, the cryptocurrency exchange Huobi Global is on the outlook for a license that will allow the cryptocurrency to serve their retail customers. According to the Chinese special administrative region, new licensing and regulatory measures will allow them to accomplish this. 

Huobi Crypto Exchange

A new framework for a cryptocurrency exchange that needs crypto exchanges so that they can register with the Hong Kong Securities and Futures Commission (SFC). This registration will help the cryptocurrency exchange Huobi Global to enlarge its services to the city. 

Huobi Crypto Exchange

According to a thread on Twitter by Justin Sun, Huobi is also having new plans to open a new exchange Huobi Hong Kong that will likely focus on high net worth and institutional individuals. 

The tweet by Sun states, 

‘Exciting News! Huobi is stoked by Hong Kong’s pro-crypto policies, and we are working hard to secure our crypto license there. Our aim is to be one of the first fully compliant exchanges in HK and collaborate with Asia-Pacific users to drive digital asset growth.’ 

The new Hong Kong licensing proposals were also opened up for comments from the public recently by SFC. In June, the new regime will be affected. The news of these anticipated changes has led to new and many financial providers that are listing themselves up to take part in this new, expanded system in December. 

Sun stated in an interview with Nikkei Asia, that Hong Kong Huobi has a slight chance to increase its staff rate from about 50 to 200. He further said that this expansion has been influenced by the friendlier stance on crypto that was said by Hong Kong. In addition, he added that this was influenced by the possibility of retail sales as well. 

In January, Huobi announced that about 20 percent of the staff is being removed. He specified this change as a part of the company being restructured after Sun took over in October. In February, the Huobi Cloud Wallet announced that they are closing down in May due to strategic and product adjustments. 

Furthermore, the headquarters of Huobi is in Singapore. In the interview, Huobi announced that they are going to move their headquarters to Hong Kong instead of Singapore. 

Moreover, it was announced by Huobi that they are going to launch a Visa-backed crypto-to-fiat debit card that is going to be a big help for their customers that live in the European Economic Area. This Visa-backed debit card will help these customers as they will be able to use these cards worldwide. 

This Visa-backed crypto to fiat debit card is assumed that this card will not be available in the first part of the year. The cryptocurrency exchange Huobi Global has declared that this card will be available in the second half of the year. Analysis has speculated that the customers of Huobi Global are patiently waiting for this Visa-backed debit card to launch.