Huobi received approval from Gibraltar to migrate its spot trading business to the British overseas territory

Huobi has announced that it has received approval from the Gibraltar Financial Services Commission (GFSC) to move its spot business to the U.K.’s overseas territory. So, after facing many difficulties in China, it is focusing more on development abroad.

Huobi is migrating its spot trading business from Seychelles to Gibraltar

They currently operate its spot business from Seychelles through a registered but unregulated entity. Speaking to The Block, Jeff Mei, global chief strategy officer at Huobi Group, said the move to Gibraltar means that the GFSC will regulate Huobi’s spot business via a licensed entity called Huobi Technology (Gibraltar) Co. Ltd.

huobi-received-approval-from-gibraltar

Jeff Mei, director of global strategy at Huobi Group

Gibraltar received a distributed ledger technology (DLT) license from the GFSC in December 2018, but it is only available for institutional brokerage and over-the-counter (OTC) services. Now that the spot trading business has also been approved, the exchange said it could begin migrating all users of spot trading to a licensed institution.

“The Gibraltar entity will offer spot trading services globally,” said Mei. “Huobi already has a local office in Gibraltar and is moving some of its technology infrastructure and cloud hosting in the territory. Huobi may also expand its local team as more users are migrated.”

Gibraltar introduced the DLT regulatory framework in 2018, and since then, it has attracted several industry players, including Bitso, LMAX Digital, INX, and eToro.

The company’s move to Gibraltar focuses on international markets and becomes more regulatory-compliant following China’s latest crypto crackdown in September. With the move, they said it would attract both retail and institutional clients looking to trade through a regulated platform.

As for Huobi, the company said it has a license in Japan, Hong Kong, and in the U.S. as well, besides Gibraltar.

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