The crypto platforms have been steering towards jumping into different markets. Exchanges like Huobi and Binance have been stepping into almost every country. Recently the Huobi Global revealed that it was entering into a new market. As the interest and demand for crypto rises, crypto platforms have been working on providing users with an array of services across the globe and Huobi seems to have just jumped on to that bandwagon.
Huobi Steers Towards Malaysia
Huobi Globals seems to be spreading its wings across the world. The platform set out to take over the Malaysian market with the launch of Huobi Labuan. The exchange recently acquired a thumbs up from the Malaysian regulators. The brokerage service license that Huobi garnered will allow it to present the citizens of Malaysia with spot and derivatives trading services. Huobi’s Malaysian wing would be employing an all-in-one solutions provider, Huobi Cloud.
Receiving a license from the financial regulators is a tough nut to crack, especially if one belongs to the crypto-verse. However, Huobi managed to garner a license in September 2020. Even though the platform, Huobi Labuan is starting off with a nine-month trial operation, it has listed a wide range of assets. At present Huobi hoards, Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], Ethereum Classic [ETC], EOS as well as HT. The platform revealed that it would welcome more cryptocurrencies into the fold right after the trial period is over.
The press release further said,
“As an independent trading platform licensed under the Huobi brand in Malaysia, Huobi Labuan aims to provide safe and trusted digital transaction brokerage services to local users through the Huobi Cloud technology.”
Malaysian financial authorities have been working towards regulating the crypto market. The country has been probing into several crypto platforms. In October, the Malaysian Securities Commission had rolled out a framework that regulated digital assets.
Similar to Huobi, another prominent crypto exchange, Binance has been exploring the prospects of new markets. The exchange has dipped its toes in several markets across the globe.
