Huobi Chinese Exchange Soon to Launch in the U.S.

The company is already registered with U.S. regulator database and has registered an office in the country. It is, however, entering a hotly contested market with Coinbase launching services for other cryptocurrencies.  

Huobi, a Chinese crypto exchange will soon be operating in the U.S. according to their latest announcements. The company is already registered with the Financial Crimes Enforcement Network, the U.S. regulators database. However, there are some legal hurdles on the way to launching in this market, says CEO and founder of Huobi, Li Lin.

He said,

“The issue is, currently there is no clear regulatory requirement for crypto-to-crypto trading platforms from the U.S. at the federal level. Other platforms like Poloniex also operate in a similar way with registration as a money service business”.

The exchange plans on complying with the U.S Securities and Exchange Commission if the commission is clear on the issues. The commission is yet to provide guidelines on crypto-to-crypto trading.

The new exchange will be completely different from the already functioning Huobi Pro platform.

It will be made specifically for U.S. investors and only deal with cryptocurrencies. It hasn’t announced the various cryptocurrencies that will list on the exchange.

From China to elsewhere

The company moved South Korea and Japan at the beginning of the year amidst hostility for crypto services in China. It has registered its American hub/new office in San Francisco, California.

China hostility last year led to the closure of some exchanges but many moved out to other markets especially in Japan and South Korea.

Huobi is, however, entering a hotly contested market even as Coinbase launches services for exchanging other cryptocurrencies in addition to Bitcoin.

Let us know what you say is in regard to the new development by Huobi and Coinbase. Find us on Twitter and Telegram.

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Oliver A

Oliver is a content marketer who is actively engaging with latest trends in the financial market. He is a writer by day ad a reader by night.

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