The Huobi Group, a bitcoin technology company that was established in 2013, is relocating its spot trading business to Gibraltar as a precautionary measure following the crackdown on cryptocurrencies in China.
According to a Bloomberg report, The Gibraltar Financial Services Commission has authorized Huobi to begin shifting its spot trading operations to the subsidiary of Huobi Technology (Gibraltar) Co. As a result, the Huobi Group is able to provide spot trading services through Huobi Gibraltar , a centralized exchange of digital assets that has been regulated in a manner authorized by the GFSC. Jun Du, CEO of Huobi Group, stated:
“The global cryptocurrency sector is moving towards regulated growth. […] The company must recognize the importance of aligning its activities with the trend. “
Several cryptocurrency companies have pulled out of China as a result of the country’s strict ban on Bitcoin (BTC). During a shareholders meeting on September 24, Huobi’s board of directors voted to leave China and shut down operations.
Following Huobi’s departure, other crypto-related platforms and companies, such as cryptocurrency mining pools and mining equipment manufacturers, quickly followed suit.. Binance, BTC.com, and Bitmain are just a few of the organizations on this list.
As Cointelegraph reported on Oct. 29, Huobi officially closed the mainland China futures and other derivatives markets as planned.
Gibraltar, a British overseas territory located at the southern tip of the Iberian Peninsula of Europe, has made a name for itself in recent years as a haven for Bitcoin (BTC). Several companies have been quick to adopt what is seen as a relatively benign regulatory environment.
The country has made significant progress in regulating the crypto sector within its borders. Some industry participants have praised the momentum Gibraltar is creating, calling it a new “crypto hotspot.”
Keep reading: