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.