Huobi to Set Up Headquarters in Singapore (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.
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“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.
