The new entity is called Huobi Labuan, and its brokerage license allows it to offer trade in spot cryptosystems and derivatives for an initial trial period of nine months.
Huobi Global, the cryptoexchange emblem of the Singapore-based Huobi Group, may have had a rocky fall by 2020; at least, as uncertainty, fear and rumours circulate. Today, November 27, the brand has better news to announce: the launch of another independent platform licensed to use the Huobi name.
Targeting the Malaysian market, the new Huobi Labuan is launching commercial services shortly after obtaining a digital asset brokerage service license from the Malaysian authorities in September 2020.
Huobi says it is operating normally amidst large USDT deposits and BTC withdrawals
During an initial nine-month trial period, the new platform will be able to offer derivatives trading and spot crypto-currency trading for more than a dozen crypto-currencies, including Bitcoin (BTC), Ether (ETH), EOS and the native Huobi token.
In terms of infrastructure, Huobi Labuan will act as the local operating partner of Huobi Cloud and will therefore use Huobi’s established commercial technology for its local digital transaction brokerage services.
The two new assets involved in the Ethereum launched by Huobi have not attracted the attention of traders
As reported, Labuan is only the latest in a series of licensed Huobi platforms or subsidiaries: the brand, which is seven years old, is present in Thailand, in the United States through its strategic partner HBUS, Argentina and Turkey to name just a few countries.
Despite the regulatory turbulence now facing exchanges in certain jurisdictions, Huobi has continued to expand its offerings, committing to the DeFi space and to decentralised Internet projects such as Filecoin.
The two new assets involved in the Ethereum launched by Huobi have not caught the attention of traders
At the close of this edition, Huobi Global is the second spot cryptoexchange by daily volume traded, as well as on the charts of derivatives exchanges.