Crypto Exchange Huobi Eyes Hong Kong Expansion. Next Big Destination China
Crypto exchange Huobi is ready to make a move as Hong Kong attempts to be the crypto hub of Asia once more while adopting crypto friendly regulations.
Huobi, a crypto exchange, sees this development as an opening to virtual coins in China. This could allow for easier access to users. Huobi chief Justin Sun stated this in an interview with Bloomberg TV:
Hong Kong is considered “as one the experiment zones for cryptocurrency development in China”. He said that this is “one of the biggest reasons to expand in Hong Kong”.
Huobi also stated that Sun’s top regions for business were Malaysia, Hong Kong and the Caribbean. Justin sun spent almost $1 billion last year to acquire a 60% stake at Huobi, a crypto exchange.
Hong Kong expressed its desire for a new crypto hub in the last quarter. This is a significant development in Singapore, which is tightening its regulatory rules and measures on the country’s crypto landscape. This comes after the collapse of FTX.
The change in Hong Kong’s crypto policy is taking place under the watchful eye of Beijing. Sun’s optimism that China will relax rules is not likely to be realized. Perhaps Beijing is using Hong Kong to proxy its desire to remain a part the crypto world, while also imposing a crypto ban on China.
Huobi’s Mounting Troubles
Huobi, a crypto exchange, faced a growing challenge when large withdrawals were occurring on the platform. Overnight, the exchange saw withdrawals totaling more than $60 millions.
Huobi’s native stablecoin USDD Coin began to de-peg, and Justin Sun had to take responsibility by putting his own funds. Sun transferred $150 million worth funds in stablecoins from Binance, to Huobi. This was done to build trust among users of the exchange.
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