New stop – Huobi continues his world tour. The crypto platform is now on its way to conquer the Australian market. in any case, the cryptocurrency exchange is experiencing financial difficulties.
The world is not enough for Huobi
End of 2021 : Huobi packs his bags in Gibraltar, after China decided to ban cryptocurrencies from the territory. At the shareholders’ meeting on September 24, 2021, the board of directors ceased the company’s operations in China.
May 2022 : Huobi buys cryptocurrency exchange Bitex based in Latin America and operating in Argentina, Chile, Paraguay and Uruguay.
June 2022 : the cryptocurrency exchange irrevocably terminates its operations in Thailand, after the company failed to meet SEC requirements. The regulator issued a first warning to Huobi in March 2021. The company’s license was then revoked on May 17, 2022.
June 2022 : Huobi obtains a license in New Zealand and a provisional authorization issued by the Dubai Virtual Assets Regulatory Authority.
July 2022 : Huobi creates its US subsidiary HBIT, after receiving a license Monetary services business.
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Landing at Land Down Under
Huobi starts August with a registration as a digital currency exchange provider. This registration was made at the Australian Transaction Reporting and Analysis Center (AUSTRAC).
The company can now offer its cryptocurrency trading services in australia. The cryptocurrency exchange had indicated that it intended to focus on providing trading services.
Huobi thus continues its world tour. Despite this, the crypto platform sets foot in Australia financial difficulties found following the withdrawal of Chinese users from their platform. The cryptocurrency exchange is also experiencing the winter of cryptocurrencies.
Due to these financial problems, Huobi may also be forced to do so separate from 30% of its employeesa wave of layoffs that could affect 300 company employees.
This geographic expansion of the cryptocurrency stock market, even in a bearish environment, brings to the fore another problem, from normative nature. The company operates everywhere, but it only has a postal address in the Seychelles where it is based. Local authorities cannot therefore take legal action against the cryptocurrency exchange.
Apparently Huobi wants to conquer the world, and even territories far above the Earth, with The cryptocurrency exchange’s lunar ambition was revealed last year.
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