Huobi Global is seeking a license in Hong Kong as the Chinese special administrative region considers new licensing and regulatory moves that would allow it to serve retail customers.
The new framework, which requires crypto exchanges to register with the Hong Kong Securities and Futures Commission, would allow the exchange to expand its services to the city. Huobi also plans to open a new exchange named Huobi Hong Kong that would concentrate on institutional and high-net-worth individuals.
The SFC recently opened the new Hong Kong licensing proposals for public comment, with the new regime to go into effect in June. News of the expected changes led to financial services providers lining up to take part in the new, expanded system in December.
Huobi announced a layoff of 20% of its staff in January, characterizing it as part of the company’s restructuring after Sun’s takeover in October. The exchange announced in February that it was closing down its Huobi Cloud Wallet in May due to strategic and product adjustments.
