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Crypto exchange Huobi Global on Wednesday said it has received a money services businesses (MSB) license from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). The license allows the crypto exchange to conduct foreign exchange and money transfer operations across the country, except in Quebec. Also, it will further allow Huobi to expand services into traditional finance.
Huobi Aggressively Expands its Global Presence
Huobi Global announces in a tweet on July 13 regarding obtaining an MSB license in Canada. This marks the third financial license for the crypto exchange in a month. Huobi has secured the DIFC license in Dubai and registered with New Zealand’s Financial Services Provider Register.
“This MSB license allows Huobi Group to conduct crypto business in Canada (excl. Quebec) including OTC bus (fiat to cryptocurrency), crypto to crypto exchange, and local promotional events. It also provides Huobi Global the ability to link within the fiat currency ecosystem.”
The money services business (MSBs) license is required by a firm to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. It helps prevent money laundering and terrorist activity financing in Canada.
Last week, Huobi’s subsidiary HBIT Inc. received the MSB license from the U.S. Financial Crimes Enforcement Bureau (FinCEN). The aggressive expansion in North America will be most significant for the firm. This allows Huobi to expand its presence and user base in both countries.
Moreover, it ensures users get safe and compliant digital assets and other services. Canada is the most crypto-friendly nation that drives blockchain and digital assets adoption. Most crypto exchanges and companies are expanding to Canada due to crypto-friendly regulations. In fact, Ripple and FTX entered the country last month, which boosts sentiments across the crypto market.
Crypto Exchanges Expansion Amid Extreme Market Condition
Crypto exchanges are expanding aggressively amid the bearish market conditions. Huobi continues to expand to different regions despite facing problems due to the market meltdown. Recently, it shut down its Thailand operations after Thailand’s SEC revoked its license, laid off 30% of its staff, and executives planning to leave the firm.
Binance has expanded its presence in Europe, getting back-to-back licenses in France, Italy, and Spain. In addition, Binance looks to lead crypto adoption in Southeast Asia as it partners and opens offices across the region.
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