FINTRAC issues MSB license to Huobi Tech’s Hbit Technologies

August 23, 2022

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Financial Transactions and Reports Analysis Centre (FINTRAC) recently gave the green light to the Hong Kong-based crypto exchange platform Huobi Tech to provide its services in the region.

Huobi Tech has recently announced that its subsidiary Hbit Technologies Limited, has successfully obtained a Money Services Business (MSB) Registration License from FINTRAC. The new license marks a major milestone in Huobi’s business legal compliance expansion.

Huobi Tech now authorized to offer regulated services in Canada

The brokerage business segment of Huobi Tech comprises Hbit Technologies Limited, which is now authorized to carry out regulated activities in Canada, including dealing in virtual currencies, money transfers, and foreign exchange. The compliance footprint of Huobi Tech in North America is developing. Two months ago, United States FinCEN granted the exchange’s subsidiary a license for Money Services Business (MSB) Registration.

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North America is growing quickly and holding a significant role in the global bitcoin market. The monthly bitcoin transaction volumes in North America increased by more than 1,000% between July 2020 and June 2021, according to “The 2021 Geography of Cryptocurrency Report” by Chainalysis. North America is also advancing the quickest and maintaining its global lead in terms of legislation.

Apart from America, the exchange is also expanding its wings to other parts of the world and recently hinted at its plans to offer Over-the-Counter (OTC) services after registering with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

This year’s inaugural day of operation saw the debut of Huobi Tech Brokerage. Since then, the company’s OTC Desk business has experienced fast growth, with a total trading volume that has now surpassed $800 million. Throughout its expansion, Huobi Tech has consistently given the ideas of “safety” and “compliance” top priority. Huobi aims to continue to grow its international clientele in order to offer more people expert and safe digital asset services.

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Notably, as TheCoinRise reported a few weeks back, Taiyi Group acquired Huobi Global’s communication platform to make a grand entry into the metaverse world.