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As Hong Kong seeks to become the crypto hub for Asia once again while adopting crypto-friendly regulations, crypto exchange Huobi is willing to make a move in its market.
Crypto exchange Huobi is seeing this development as an easing of the ban on virtual coins in mainland China. Thus, it could tap this opportunity for smoother access to users. In an interview with Bloomberg TV, Huobi chief Justin Sun stated:
Hong Kong is seen as “as one of the experiment zones for crypto development in China”. That’s “one of our biggest reasons to expand in Hong Kong,” he said.
Huobi further added that Sun’s key regions for business are Malaysia, Hong Kong, and the Caribbean. Last year, Justin sun had spent nearly $1 billion for acquiring a 60% stake in the crypto exchange Huobi.
It was just the last quarter when Hong Kong expressed its desire to once again establish itself as a crypto hub. This development comes as Singapore is tightening its measures and regulatory rules on the country’s crypto landscape, especially after the collapse of the crypto exchange FTX.
Of course, the change in Hong Kong’s crypto policies is happening under the watchful gaze of Beijing. However, Sun’s optimism that China too will ease up rules seems far-fetched as of now. Or maybe Beijing is using Hong Kong as a proxy to continue being a part of the crypto world while putting a crypto ban on the mainland.
Huobi’s Mounting Troubles
Earlier this year, crypto exchange Huobi faced the mounting challenge of massive withdrawals happening on the platform. Withdrawals to the tune of more than $60 million took place on the exchange overnight.
Furthermore, Huobi’s native stablecoin USDD Coin started to de-peg after which Justin Sun had to step in himself by putting his personal funds. Following the development, Sun moved $150 million worth of funds in stablecoins from Binance to Huobi. This was an effort to instill trust among the exchange’s users.
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