“Going forward, we will work closely with the British Virgin Islands regulators to develop a suite of licensed trading products and services, and foster the cryptocurrency industry’s growth in the territory.”
Huobi has secured approval from the Financial Services Commission of the British Virgin Islands to operate a licensed virtual assets exchange under its subsidiary Brtuomi Worldwide Limited (BWL).
This is yet another milestone for Huobi, in this case represented by BWL as the crypto exchange group becomes the first Digital Asset Trading Platform Operator in the jurisdiction authorized to operate a virtual assets trading platform for both professional and retail investors.
The service provided by BWL will include spot and derivatives, among other products.
Huge market opportunity in cryptocurrency derivatives
Lily Zhang, Chief Financial Officer at Huobi Group, commented: “This landmark approval makes Huobi the first licensed digital asset exchange for institutional-grade derivative products in the British Virgin Islands. It is a testament to our experience, professional knowledge, and track record in the global cryptocurrency industry.”
“We see a huge market opportunity in cryptocurrency derivatives, with perpetual futures accounting for about half of global cryptocurrency trading volumes in 2021. With the growing importance of compliance in the industry, we will strive to meet all regulatory requirements as we expand. Going forward, we will work closely with the British Virgin Islands regulators to develop a suite of licensed trading products and services, and foster the cryptocurrency industry’s growth in the territory.”
Huobi Group was founded in 2013 and boasts tens of millions of users across five continents and 160 countries and regions.
The digital asset exchange group has already established regulated entities in countries and regions such as Japan and Gibraltar as it targets institutions and professional investors that are looking for regulated partners.
On April 16th, 2021, Huobi’s BWL was approved by the BVI FSC to participate in the BVI Regulatory Sandbox and recorded on the BVI FSC’s Register of Sandbox Participants.
The final approval by the Financial Services Commission was issued in September 2022, with Brtuomi Worldwide Limited now being licensed to operate as a Digital Asset Trading Platform Operator in the British Virgin Islands.
Huobi unauthorized to operate in Malaysia
Despite Huobi’s efforts to obtain authorizations from financial watchdogs across the globe, the Malaysian regulator SC has recently warned residents that Huobi and its associated brands are carrying out unlicensed capital market activities.
Huobi, a former ‘big three’ platform in China, is the sixth-largest crypto exchange in the world by trading volume, competing with the likes of Coinbase, Binance and Kraken.
Huobi granted AUSTRAC license in Australia
Earlier this month, Huobi had been given a licence by the Australian Transaction Reports and Analysis Centre (AUSTRAC) to operate as a digital currency service provider.
The move will allow Huobi to participate in Australia’s fast-growing digital assets ecosystem by operating crypto native services under full regulatory supervision and offer financial solutions to clients in new geographies. It also marks an expansion of the exchange’s core business focus after it had recently obtained licenses in New Zealand and the United Arab Emirates.
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September 09, 2022 at 08:38PM
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Huobi secures crypto exchange license in British Virgin Islands - FinanceFeeds
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