Leading crypto exchange platform Huobi is not relenting as it moves to widen its base. In an announcement on Friday, the digital service provider said it had widened its reach to the British Virgin Island(BVI), a British Overseas Territory.
The approval coming from the Financial Services Commission(FSC) of the BVI will enable Huobi to operate a licensed virtual assets exchange under its subsidiary Brtuomi Worldwide Limited (BWL).
With the approval from FSC, BWL will be the first Digital Asset Trading Platform Operator in the BVI licensed to operate an institutional grade virtual assets trading platform if all requirements are met. The company is yet to announce a timeline to provide its services for the rest of the UK.
Huobi spreads its reach to important jurisdictions
The Seychelles-based exchange has also registered with the Australian Transactions Report and Analysis Center (AUSTRAC). The approval enabled the exchange to deliver services to the Australian market.
With its commitment to integrity, Huobi has established regulated entities in several countries and regions such as the US, South Korea, Japan, and Gibraltar.
The multi-asset broker is not willing to back down as it still has intentions of catering to institutions and professional investors that are searching for regulated partners.
Established in 2013, Huobi provides its service to tens of millions of users across five continents in over 160 countries. It’s the sixth largest crypto exchange in the world by trade volume after the likes of Binance, Coinbase, and Kraken.
Exchanges and global scale-up
In line with rising regulatory approvals, Crypto.com, one of the world’s fastest-growing cryptocurrencies received approval from Cyprus Securities and Exchange Commission CySEC. The Cyprus approval follows that of Italy’s Organismo Agenti e Mediatori (OAM).
Also, FTX through its subsidiary FTX Europe strengthened its hold on the European market after gaining CySEC’s approval.
Similarly, Coinbase Exchange got approval to provide its services in Italy.
All of these approvals are a testament to the development of the nascent economy even though the industry has been plagued with a significant downturn in recent times.