Huobi Obtains Crypto Exchange License In The British Virgin Islands

“Going forward, we will work closely with regulators in the British Virgin Islands to develop a suite of licensed commercial products and services and foster the growth of the cryptocurrency industry in the territory.”

Huobi

Huobi has obtained approval from the British Virgin Islands Financial Services Commission to operate a licensed virtual asset exchange under its subsidiary Brtuomi Worldwide Limited (BWL).

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This is another milestone for Huobi, in this case represented by BWL, as the crypto exchange group becomes the first digital asset trading platform operator in the jurisdiction licensed to operate a digital asset trading platform. virtual assets for professional and retail investors.

The service provided by BWL will include, among other things, spot and derivative products.

Huge Market Opportunity in Cryptocurrency Derivatives

Lily Zhang, Chief Financial Officer of Huobi Group, said, “This landmark approval makes Huobi the first licensed digital asset exchange for institutional-grade derivatives in the British Virgin Islands. It is a testament to our experience, professional knowledge and track record in the global cryptocurrency industry.

“We see a huge market opportunity in cryptocurrency derivatives, with perpetual futures accounting for around half of global cryptocurrency trading volumes in 2021. With the growing importance of compliance in the industry, we will strive to meet all regulatory requirements as we expand. Going forward, we will work closely with regulators in the British Virgin Islands to develop a suite of licensed commercial products and services and foster the growth of the cryptocurrency industry in the territory.

Huobi Group was founded in 2013 and has tens of millions of users in five continents and 160 countries and regions.

The digital asset exchange group has already established regulated entities in countries and regions such as Japan and Gibraltar, as it targets institutions and professional investors seeking regulated partners.

On April 16, 2021, Huobi’s BWL was approved by the BVI FSC to participate in the BVI Regulatory Sandbox and registered in the BVI FSC Sandbox Participant Registry.

Final approval from the Financial Services Commission was issued in September 2022, with Brtuomi Worldwide Limited now licensed to operate as a digital asset trading platform operator in the British Virgin Islands.

Huobi banned from operating in Malaysia

Despite Huobi’s efforts to obtain clearances from financial watchdogs around the world, Malaysian regulator SC recently warned residents that Huobi and its related brands were conducting capital market business without a license.

Huobi, a former “big three” platform in China, is the world’s sixth-largest crypto exchange by trading volume, competing with Coinbase, Binance, and Kraken.

Huobi obtains AUSTRAC license in Australia

Earlier this month, Huobi had obtained a license from the Australian Transaction Reports and Analysis Center (AUSTRAC) to operate as a digital currency service provider.

The move will allow Huobi to participate in Australia’s fast-growing digital asset ecosystem by operating native crypto services under full regulatory oversight and offering financial solutions to customers in new geographies. It also marks an expansion of the exchange’s core business after recently securing licenses in New Zealand and the United Arab Emirates.

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Huobi Obtains Crypto Exchange License In The British Virgin Islands


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