The globe had been wondering where Huobi would land next and the crypto exchange just gave out some answers. Following its departure from China, Huobi was looking to set up a prominent Asian set up and Singapore is its latest home.
China’s big crypto crackdown was seemingly hard for an array of platforms. The country’s decision to oust anything and everything crypto came as a surprise to many. However, not many were very shocked as they believed that the Chinese government couldn’t handle the level of decentralization that crypto offers. Huobi, despite establishing a stronghold in China decided to move out.
The demand for crypto has surged all over the world and Asia has been a promising market. Huobi’s presence in Asia was highly essential. Therefore, the crypto exchange was all set to roll out its headquarters in Singapore.
Huobi eyes Singapore as its headquarters
According to a recent report by Bloomberg, Huobi Group would be diving into Singapore shores. Singapore has been a hub for several crypto projects and it wasn’t Huobi’s first time in the region. The firm had already set up shop in Singapore for quite a while now. Steering away from China, the exchange decided to officially launch its headquarters in Singapore.
Ulisse Dellorto, the Asia-Pacific managing director of Chainalysis commented on the crypto platform’s interest in Singapore and stated,
“Singapore has positioned itself as a leader in cryptocurrency adoption and has attracted crypto companies and fintech alike.”
Apart from this, the firm was reportedly interested in exploring the European region. The co-founder of the platform, Du Jun told Bloomberg that another regional head would be in the making. By 2023 either France or the UK would be home to Huobi headquarters.
Additionally, the firm was prepping to get rid of all things China by the end of this year. The exchange first closed its new user registration process and then gradually went on to eliminate several other crypto services for Chinese users.