Crypto exchange Huobi Global’s own cryptocurrency huobi token (HT) rose in an otherwise red crypto market today, before falling along with the rest of the market. The changes follow news that Huobi is moving its spot trading services to Gibraltar.
At 10:00 UTC on Tuesday, huobi token was up 1% over the past 24 hours, trading at a price of USD 10.54. Despite being only a minor rise, the gain was enough to position HT as today’s third-best performer among the top 100 coins in the crypto market, on a day when most other coins fell sharply.
45 minutes later, at 10:45 UTC, the early gains had turned to a loss for HT, with the token trading down 3.6% over the past 24 hours as of press time.
Although a relatively strong performer today, the price of huobi token has failed to reach its high levels from early September this year, and still remains far below its all-time high from May of nearly USD 40.
The Huobi exchange, which originated in Mainland China and has maintained a strong presence there ever since, has seen a large portion of its key market disappear after the Chinese government reiterated its ban on crypto in September this year. Among other things, the government said that exchanges that target Chinese customers – even if it is based overseas – could face punishment.
Since the renewed Chinese crackdown on September 24, HT has now fallen by about 18%, price data from TradingView shows.
Move to Gibraltar
With the latest Chinese crackdown as a backdrop, Huobi last week also announced its intention to move its spot trading services to Gibraltar, a British Overseas Territory located on the southern tip of Spain.
According to an announcement from Huobi, the exchange has received approval from the Gibraltar Financial Services Commission to set up its spot trading activities in the territory. The trading will take place under a locally registered company that, according to Huobi, is a “fully licensed and regulated DLT service provider” in Gibraltar.
Shortly after Huobi’s decision to set up shop in Gibraltar, news also broke that Block.one, the development firm behind the EOS protocol, has decided to base its crypto exchange in Gibraltar.
According to an announcement from the firm dated November 9, the exchange, named Bullish, has received the same distributed ledger technology (DLT) license from Gibraltar’s regulator as Huobi.
Meanwhile, and shortly after Huobi’s move to Gibraltar was announced, the exchange also made public a decision to expel Singapore-based clients from its platform. The decision represents yet another sign of Huobi’s difficulties with Asian regulators, but is not surprising given similar moves from exchanges such as Binance in the past.
According to the Huobi, accounts of users residing in Singapore will be closed on March 31, 2022, with services expected to be gradually phased out before that.
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.