This year is most likely to go down in the books as the worst year ever. Despite the several restraints the pandemic put before us, Huobi, Binance, and several other cryptocurrency platforms went on to jump into different markets and explore new soil. Huobi was on a roll and rolled out its latest platform in Malaysia. This time the exchange is once again making news, not for venturing into a new country but for returning to the United States of America.
Huobi Secures A License To Function In The US After Shutting Down In 2019
The US has always posed a huge problem to the crypto-verse. Several crypto platforms were forced to shut down shop after being subject to immense scrutiny from the financial regulators. The ongoing battle between Ripple and the SEC stands as substantial proof about the same. Back in 2019, the crypto platform announced that was pulling a plug on its US-based crypto platform. Almost a year later, the exchange revealed that it would return to the country.
In a recent announcement, Huobi Group revealed that the exchange had sought a license from the Nevada Trust to open up a trust firm in the US. The announcement further read,
“The board (the “Board”) of directors (the “Director(s)”) of the Company is pleased to announce
that Huobi Trust Company (the “Huobi Trust”), a company incorporated in the State of Nevada,
the United States and an indirectly wholly owned subsidiary of the Company, was recently
issued with a Trust Company License by the Financial Institutions Division of the Department
of Business and Industry in Nevada, the United States, to engage in the trust company business […]”
While the platform is yet to render its services, it is said to be spearheaded by Simon Collier who will take on the role of the Chief Trust Officer.
More recently, Huobi Group decided to take a dive into Asian waters as the platform rolled out Huobi Labuan in Malaysia.