A new Huobi regulated crypto exchange opens up in Malaysia and is called Huobi Labuan with a brokerage license that will offer crypto spot and derivatives trading for a nine-month trial period so let’s read more in today’s Huobi news.
Huobi Global, which is the Huobi group’s flagship crypto exchange with headquarters in Singapore had a rocky start to 2020 because of the circulating FUD and the rumors regarding it. however, today, the brand has better news to announce since it launched a new Huobi regulated crypto exchange which is an independent platform that is licensed to use its name.
The platform now targeted the Malaysian market and the new Huobi Labuan will launch trading services shortly after having a secured digital asset brokerage service license from Malaysian authorities in September of this year. For the initial nine-month trial period as the new platform will be able to offer spot and derivatives trading for more than a dozen crypto assets like Bitcoin, Ethereum, EOS, and Huobi’s own native token.
In terms of infrastructure, the Labuan exchange will act as a local operating partner of the Huobi Cloud and will use the established trading technology for the local digital transaction brokerage services. Labuan is the latest string of licensed platforms by Huobi. The seven-year-old brand has branches in the United States via a partnership with HBUS, Turkey, Thailand, and Argentina. Despite the regulatory turbulence that the exchange is now facing in some jurisdictions, the platform continued to expand its offerings and to also engage in the DeFi space and other Defi projects like Filecoin. As of press time, the Global exchange is the second-ranked crypto spot trading exchange by daily traded volume and as per the derivatives exchange charts as well.
Flag of Malaysia
As recently reported in the Huobi token news, the global exchange Huobi denied the rumors about a senior executive being taken by the police, similarly to the OKEx situation that happened almost two weeks ago. The exchange has a monthly trading volume above $170 billion but denied the rumors that the senior executive of the platform was arrested. The rumors were initiated on social media that the COO Robin Zhu of Huobi Global Limited based in Singapore, has been arrested by authorities. The exchange’s assurances haven’t stopped the users from taking out their money as they found themselves in a similar situation to OKEx. The founder of the exchange Xu Mingxing was detained by police back in October and the exchange stopped all withdrawals since October 16th.
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