Trading giant Huobi moves away from China, which became tyrannical for crypto-related companies.
Cryptocurrency trading company Huobi, which was originally founded in 2013, is now moving its spot-trading operation to Gibraltar in order to avoid the crackdown on the industry currently taking place in mainland China, according to Bloomberg.
According to Gibraltar Financial Services, Huobi received approval from the regulator, which will now start the process of migrating the company’s operations from China to Gibraltar. After the process takes place, Huobi will be able to once again offer spot-trading services directly through the Huobi Gibraltar company, which will be regulated by the GFSC.
Huobi Group co-founder Du Jun said in the statement that the cryptocurrency industry is constantly growing, and the company needs to align its business in accordance with the challenges that appear in its way.
Previously, the company’s shareholders decided to move their operations from the country back in September. Due to actions by the Chinese government, cryptocurrency-related companies had no other choice but to move or conclude all of their operations in the country. Officials have banned all crypto-related services in the country, including routine transactions.
Generally, Gibraltar has been acting as a haven for companies dealing with digital assets or cryptocurrency trading due to the friendly regulatory environment. Small countries like Gibraltar, Estonia and El Salvador quite often attract companies like Huobi to function under their countries’ legislative oversight in exchange for a favorable environment and relatively low taxes.
Huobi Primelist-Supported DeFi Project Drained of $31 Million
Days since the last DeFi hack: 0
Decentralized finance protocol MonoX Finance has been drained of $31 million as the result of a hack that occurred earlier today.
It was the third project to appear on Primelist, the token listing platform of major cryptocurrency exchange Huobi, earlier this month.
The team has already addressed the incident in a statement on Twitter, claiming that a vulnerability in the swap contract was used by the attacker to artificially inflate the price of the MONO token and then purchase all digital assets in the pool.
This morning our contract has been exploited. We are sorry to our users who have deposited funds. The team is investigating and will try our very best to get the stolen funds back. We thank our community for your support.— MonoX (@MonoXFinance) November 30, 2021
In a lengthy Twitter thread, MonoX also made a desperate plea to the hacker in an attempt to reach out to him/her:
We also really wish to have a chance in talking with the “hacker”. We value very much for what we’ve built for the current and future MonoX, and most importantly our users and their funds; PLEASE reach out to us.
The attacker pocketed $18.2 million worth of wrapped Ether (WETH) and $10.5 million worth of Polygon (MATIC).
In early August, $610 million worth of crypto was stolen from cross-chain DeFi project Poly Network, which marked the biggest DeFi heist to date. After several weeks of headline-grabbing drama, the hacker ended up returning the entire sum, which led to plenty of speculation about his real intentions.
Huobi to Set Up Headquarters in Singapore (Report)
The large cryptocurrency exchange Huobi has picked Singapore for its Asian headquarters, according to a recent report.
Despite its regulatory issues in Singapore, Huobi Global has chosen the country as its regional headquarters. The exchange will have another one set up in Europe.
- Bloomberg reported Huobi’s intentions earlier on November 30th, citing the exchange’s co-founder Du Jun.
- Singapore will become the company’s new headquarters since it’s unable to continue operating from China following the massive crackdown on anything even remotely connected to the cryptocurrency space.
- It’s worth noting that Huobi had offices in Singapore for years, but the decision now is to move all basis of operations to the city-state.
- Du Jun further explained that the exchange is looking for a regional HQ in Europe, which could be in France or the UK. Interestingly, Binance is also examining France as such an option.
- Picking Singapore as regional HQ is somewhat of a surprising move from Huobi, given the recent regulatory hurdles.
- Earlier in November, the company announced that it will stop servicing users based in Singapore as of March 31st, 2022.
- “To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China. Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users’ assets.” – said the company at the time.
Huobi Picks Singapore as Its Regional Headquarters
Following its exit from China, Huobi has picked Singapore as its new regional headquarters
Major Chinese cryptocurrency exchange Huobi has chosen Singapore as its new regional headquarters, Bloomberg reports.
The crypto giant also plans to expand its presence in the European market by establishing a regional base in the U.K. or France within the next two years.
After China banned crypto exchanges in September 2017, Huobi set up an entity in Singapore, and the launch of the new headquarters shows that there is no going back.
Earlier this year, Beijing ramped up its clampdown on cryptocurrencies by purging local Bitcoin miners and declaring cryptocurrency transactions illegal in late September.
As reported by U.Today, Huobi scrambled to ban users from mainland China in the aftermath of the clampdown.
In November, the exchange also announced that it would drop users from Singapore by the end of March 2022.
The move set the stage for Huobi Singapore, a new regulated entity that aspires to be compliant with both local and global regulations.