The Huobi US expansion gets closer after receiving a FinCEN license today which means the users in the US can expect a digital asset service to come in the near future so let’s have a closer look at today’s Huobi news.
A subsidiary of the Huobi exchange called HBIT received its Money Services busienss license from the US Financial crimes enforcement network. The Huobi US Expansion is looking to be on the right track and the exchange said that the newly received license creates a foundation for it to carry out crypto business in the US and in the future, will bring closer the globalization and complaince efforts. The exchange is a major player with $1 billion in volume in the past day according to data from CoinGecko.
EXCLUSIVE: Huobi founder Li Lin is looking to sell his stake in Huobi. Li Lin currently holds more than 50% of the shares. The second largest shareholder of Huobi is Sequoia China. Huobi’s revenue plummeted after it wiped out all Chinese users and is laying off staff. https://t.co/67KOlW9aT9
— Wu Blockchain (@WuBlockchain) July 1, 2022
Before the crypto crackdown by Chinese authorities, most users of Huobi came from china but according to the figures from Statista, the users in February this year came from Russia and Ukraine mostly. The MSB licnese allows the Huobu subsidiaries to transmit money and to operate as a fiat currency exchange which is a required step by US regulators to ensure FinCEN is able to minor financial crimes like money laundering. It doesn’t allow it to provide crypto exchange services that will require a money transmitter license and said in the future it expects users in the US with a complaint digital asset service.
Huobi said the subsidiaries in Hong Kong received asset management and securities advising licenses from the country’s Securities and Futures Commission. The subsidiaries are in the process of applying for a licnese to provide automated tradign services to become compliant crypto exchanges in Hong Kong. The exchange even won licenses in New Zealand and the UAE but the latter was an Innovation License which allows users to access the local tech industry and get special tax treatment. At the time, Huobi Global chief financial officer Lily Zhang said that there are plans to receive the License and offer it the full site of services under the Dubai Virtual Assets Regulatory Authority.
It hasn’t been all good news as with the exchange’s Thai license revoked, the exchange reportedly failed to comply with the local regulations.
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There were also rumors of major staff layoffs and that the foundation might be looking to exit the business. Hong Kong-based reporter Colin Wu said that the exchange has plans to lay off up to 30% of its staff but then other reports show that the founder Li Lin is looking to sell 50% of his stake.
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