It was recently announced that Huobi Group, which is a company behind the crypto exchange Huobi Global, will be opening its regional headquarters in Singapore. According to the representatives of the company, the new headquarters will be in charge of managing operations of the exchange in Southeast Asia.
The crypto exchange has started moving much of its operations and staff from China to Singapore starting from May, due to the strengthened and unfavorable regulations regarding the crypto trading market in China.
Due to the Chinese regulations adopted recently, the representatives of the company also announced that Huobi will expel all of the Chinese users by the end of the year. It was announced by the representatives of the company that the Singapore office will not be serving Singaporean customers directly.
Rather, it will operate under the Huobi International Pte. As for the local traders from Singapore, the company announced that it has set up a special subsidiary, Huobi Singapore, which will work by serving local clients of the exchange.
It was also reported that Huobi plans on further growth and development. One of the steps announced by the crypto exchange is setting up another base in France or the UK by 2023.
The representatives of the company have noted that Huobi is considering further development and setting up regional headquarters around the world as the business continues its growth. However, the final decision about the specific geographical direction of the company’s development is yet to be announced.
Chinese Crypto Ban
The Chinese government first started its fight against the crypto trading industry back in 2017. However, up until now, local companies and traders managed to find ways around the trading laws to ensure that traders would continue having access to crypto trading services.
However, recently, in September, the Chinese government announced a new set of rules, forcing companies in the country to find new homes. The Chinese central bank issued an announcement on September 24, saying that all cryptocurrency-related transactions would become illegal in the country and should be banned.
This was the strongest and harshest step taken by the Chinese government against the crypto trading industry. The official announcement said that all cryptocurrencies available in the market, including Bitcoin and Tether, were not fiat currencies and thus, could not be circulated on the market.
The People’s Bank of China called on all crypto providers to ensure to delete the accounts of Chinese traders and stop offering them access to the crypto industry. Prior to that, earlier this year, China also banned crypto mining in the country. Leading crypto miners had to exit the Chinese market and find new places for their business.
The Chinese crypto ban had a huge effect on the crypto trading industry. The market was very popular among the individuals in China, and the recent decisions made by the Chinese government took away access to the crypto market for Chinese traders.
Some market experts believe that the decision of the Chinese government will make the situation a lot worse for the Chinese crypto traders, as they are very likely to not give up on finding different ways of investing in cryptocurrencies, which can only increase the risks of the market for retail traders.
Huobi – A Leading Crypto Exchange
Huobi Global was established in 2013 in China by Leon Li. The crypto exchange managed to become one of the biggest crypto exchanges around the world. It allows traders access to numerous trading assets and the ability to buy, hold, and sell cryptocurrencies. The services of the company are available in over 195 countries globally, and the company has over 3 million clients.
The crypto exchange has suffered a lot over the past few years due to the regulatory frameworks introduced by the Chinese government. However, at no point did Huobi stop development, and further expansion. Huobi offers its clients numerous trading options, including Over The Counter Trading, giving individuals the opportunity to buy and sell cryptocurrencies using the peer-to-peer option.
It also offers traders margin trading, offering traders the opportunity to increase profits by using leverage. Huobi also offers clients BTC and ETH derivative contracts, to ensure that everyone can find something they are looking for.
The trading interface of the exchange is also very user-friendly, aimed at maximizing the individual experience of crypto traders. It is also known for providing traders with high security and safety standards. Traders are also able to use automated trading robots.
While there is no robot created directly by Huobi, it offers clients to use different types of third-party trading robots. This makes trading cryptocurrencies a lot easier for beginners. While it could take individual traders to analyze the crypto trading market, there are no limitations for automated trading robots to analyze the market.
They are able to do the market analysis in a much shorter time, providing traders with detailed information about the price movements. Huobi allows its clients to connect their trading accounts with crypto trading robots using the API key, which is a safe and secure way of connecting the exchange account with a trading bot.
Such a huge dedication towards the individual experience of their clients makes Huobi a perfect option for crypto traders around the world. Its recent step to open a new headquarters in Singapore is just another step for the company to further grow its clientele.
The company is today available in numerous parts of the world, managing to attract millions of traders due to the high-quality services that it offers.