Cryptocurrency Exchange Huobi to Launch London Office
Singapore based 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”.
Uncertainty due to Brexit has not dampened the spirit and London still enjoys prominence for Peng Hu, Vice-President of Huobi Group. He said, “Not Malta, not Switzerland. Absolutely London, more precisely Britain, is the entry point for the European market for us.” Huobi is in the process of opening up operations in San Francisco. At the end of March, it began operations in South Korea.
Since there has been a global regulatory crackdown on cryptocurrencies, Huobi intends to follow market regulations. The company has the appetite to go mainstream. Chern Chung explained, “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].”
Huobi, initially based in China, had to relocate to Singapore after Chinese authorities outlawed digital currency trading last September. However, with an office planned for San Francisco and one for London, it’s deemed that this could open floodgates for creating and introducing products for American and European markets.
It remains to be seen when the office in London will start its operations; however, it sends a positive step for Huobi who seems determined to increase its global footprint.
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