Huobi Announces to Move the Spot Trading Services to Gibraltar

One of the largest crypto exchanges in the market, Huobi Global, has recently announced that it would be moving its spot trading services to Gibraltar. The company announced that it would start moving its services once it received approval from the Gibraltar Financial Services Commission, GFSC.

After the approval is granted, the crypto exchange will start its transition process. Information about this was announced in a press release shared recently. Huobi Global was established in China and quickly became one of the leading crypto exchanges. It received the operating license from Gibraltar back in 2018.

Due to the recent steps taken by the Chinese authorities regarding the crypto trading industry, the crypto exchange has been looking for a new home away from Chinese regulators. The company had already moved a lot of its operations from China when the latest crackdown hit the market on September 24.

Some of the services of the company were moved to Singapore from China. In addition to this, the crypto exchange also announced that it would be expelling its Chinese clients from the trading platform due to the local regulations in the country.

The crypto exchange announced that it would be migrating all of its existing spot trading users as well as the tech infrastructures and could host Gibraltar. The crypto exchange representatives also said that the company, as of now, has no plans to move the majority of its operations to the territory, but there might be some additions of staff to Gibraltar operations.

The crypto exchange representative said that the future steps will depend on how the current user migration goes.

China’s ban on crypto

The government of China has taken many steps against the crypto trading market over the past few years. The Chinese crypto crackdown started back in 2017, however, this year seems to be harshest in terms of crypto regulations in China.

The country adopted numerous restrictions earlier this year, mostly affecting crypto mining activities. This resulted in the majority of the crypto miners leaving the country and looking for new places for their activities.

Recently, on September 24, a new wave of crypto regulations was announced. The new laws affecting the crypto trading market have altogether blocked crypto trading services for locals in the country.

As a result, many of the leading crypto exchanges in the country started looking for new homes. Huobi is just one example of this process, which is affecting local traders a lot.

Due to the regulations that the Chinese authorities have adopted, local crypto traders do not have access to the market anymore. The regulations require the crypto exchanges to cancel the accounts of Chinese traders and new exchanges won’t be able to offer their services to the citizens of the country.

Crypto trading has always been very popular in China, and the traders managed to find ways out of the regulations that the authorities had been adopting for the past few years. But, the recent set of rules seem to be too hard to overcome.

Huobi Offerings

Huobi offers its clients numerous services that make it a very popular crypto trading exchange in the market. The clients of the company are able to trade cryptocurrencies any time they want to, and the number of available crypto assets is also very competitive.

In addition, the crypto exchange also offers traders automated crypto trading services. This way, traders can make profits in an easier and more efficient manner. The clients of the company can easily connect to the Huobi automated trading bot and use it for trading purposes.

The trading robots are also able to analyze the market in a matter of minutes, which can help traders make well-informed decisions. Also, these robots can continue watching the market at all times, making sure that whenever favorable market conditions arise, the orders are executed.

Huobi Global is one of the leading crypto exchanges available in the market. It allows its clients to purchase, trade, store, borrow, and lend hundreds of different digital assets. There are over 3 million crypto traders using the services of Huobi from over 195 countries globally.

The crypto trading exchange was founded in China back in 2013, and the company has managed to grow to a global level over the past few years. The company has been facing some challenges since 2017 when the Chinese government first started its fight against crypto trading activities in the country.

According to a press release published by the company, this is the first time for the crypto exchange to move its spot trading services to a regulated entity.

The company claims that operating under the licensed entity will appeal to more clients, specifically to institutional investors. Previously, the Gibraltar entity of the company was created to work for institutional investors and high net worth individuals.

Huobi offers clients Over the Counter trading services as well as peer-to-peer options and there are numerous opportunities offered to the clients of the crypto exchange. It also offers margin trading, which can further increase the profits of traders.

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