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Breaking: Huobi To Grow U.S. Presence With Huge Breakthrough, Here’s Why

Huobi To Grow U.S. Presence With Huge Breakthrough, received the U.S. Financial Crimes Enforcement Bureau's license
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Breaking: Huobi To Grow U.S. Presence With Huge Breakthrough, Here’s Why

Hong Kong-based crypto exchange Huobi on Tuesday said its subsidiary HBIT Inc. has received the U.S. Financial Crimes Enforcement Bureau’s (FinCEN) Money Services Business Registration (MSB) license. The company will establish digital currency-related business in the U.S. as part of the strategic goals of globalization and compliance.

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Huobi Receives the FinCEN’s MSB License

Wu Blockchain in a tweet on July 5 announced that HBIT, the brokerage business of Huobi Technology, has received the MSB license from the U.S. FinCEN.

The MSB license will enable the brokerage firm to conduct foreign exchange and money transfers across the U.S. Moreover, it ensures users get safe and compliant digital asset services in the U.S. In fact, the U.S. has maintained strict regulatory control and compliance when it comes to digital assets.

Since November 2021, the Huobi brokerage firm manages more than $430 million in transaction volume. The company currently provides services for institutions and high-net-worth individuals. The license will help further empower the development of the company’s virtual asset ecosystem.

Furthermore, the subsidiary has submitted applications for securities trading and automated trading services licenses with the Hong Kong Securities and Futures Commission. Huobi Technology’s subsidiaries have successfully managed portfolios with 100% digital assets. Licenses help companies to operate compliantly as a virtual asset trading platform in Hong Kong.

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Huobi Faces Woes Amid Crypto Crisis

China’s crackdown against crypto trading and mining last year resulted in a fall in its revenues and user base. Thereafter, Thailand’s SEC had revoked the license causing Huobi to shut its operations in the country.

Extreme market conditions have forced the crypto exchange to announce plans to layoff 30% of its staff. The downsizing has been seen around the crypto space with many companies announcing layoffs. The exchange’s founder Li Lin also reportedly planning to leave the company.

However, the recent expansion to New Zealand and the UAE has provided some relief. Subsequently, the new license from the FinCEN could help grow its presence in the U.S..

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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