In a recent announcement, Huobi Global unveiled its latest development, stating that Huobi HK, a leading virtual asset trading platform in Hong Kong, has expanded its services to include spot and managed services for both professional and retail customers. This expansion aims to cater to a wider range of users and enhance their trading experience.
Hong Kong has recently implemented a cryptocurrency licensing system for crypto exchanges, aiming to safeguard the interests of retail investors and foster a climate of innovation. Several companies, such as BTSE, JPEX, and OKX, have expressed their intention to pursue the license application process.
Previously, as reported by Tronweekly, the Securities Commission Malaysia (SC) has taken action against the exchange for operating in Malaysia without proper registration. The SC aims to enforce compliance and protect Malaysian investors.
The exchange and its CEO, Leon Li, have received a public reprimand for their illegal operations. The exchange has been ordered to cease operations immediately, and its website and mobile app will be disabled on platforms such as Apple Store and Google Play.
Huobi HK’s Commitment To Regulatory Compliance
Therefore, to ensure compliance with regulatory standards and establish a solid foundation for its operations, Huobi HK officially submitted an application notice to the Hong Kong Securities Regulatory Commission on May 29.
The submission marks the beginning of the process to obtain a virtual asset exchange license, which would further strengthen Huobi HK’s position in the market.
Over the next six months, Huobi HK will collaborate with independent auditors to thoroughly assess the platform’s security measures, anti-money laundering protocols, and overall compliance framework.
This comprehensive evaluation is essential to meet the stringent requirements set by the Hong Kong Securities Regulatory Commission, underscoring Huobi HK’s commitment to maintaining a secure and transparent trading environment.
Obtaining a virtual asset exchange license would provide Huobi HK with the necessary regulatory approval to offer a broader range of services to its clientele. This milestone will not only bolster the platform’s credibility but also instill confidence in its users regarding the safety and legitimacy of their transactions.
However, as the cryptocurrency industry evolves, the exchange remains dedicated to staying at the forefront of regulatory compliance and security measures.
By adhering to the guidelines set by the Hong Kong Securities Regulatory Commission, the platform aims to ensure its operations’ long-term success and sustainability while providing its customers with a trusted and efficient trading platform.