Cryptocurrency exchange Huobi has announced that it is setting up a London-based office as it seeks to expand itself outside of Asia.
In a report from CryptoBriefing, Chern Chung, Huobi’s senior business development manager for Europe, said that London was the preferred location for expansion into the West, adding:
Our statistics show that London is the most active trading scene across all of Europe. We want to have a presence here.
Even with uncertainty surrounding Brexit, London remains a top location for businesses to relocate to. Peng Hu, Vice-President of Huobi Group, explained:
Not Malta, not Switzerland. Absolutely London, more precisely Britain, is the entry point for the European market for us.
London is not the only city Huobi is considering setting up an office in. The Singapore-based cryptocurrency exchange is also in the process of opening up operations in San Francisco. At the end of March it began operations in South Korea.
With global regulations in the cryptocurrency market heating up and authorities taking more interest in the way exchanges run, this step by Huobi may be an indication that it intends to follow regulations. Chung added that it ‘shows Huobi’s commitment and determination to go mainstream. We are not afraid of regulation nor are we escaping regulation.’
We [Huobi] are not saying that others that are going to these places are escaping but we are not escaping and we are charging towards them [regulators].
Originally based in China, Huobi was forced to relocate to Singapore after Chinese authorities banned digital currency trading last September. However, with an office planned for San Francisco and one for London it’s thought that this could open the door for creating and launching products for an American and European customer base.
It remains to be seen when the office in London will take effect; however, it signals a positive step for Huobi who seem determined to expand its presence around the world.
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