The crypto exchange Huobi will set up headquarters in Singapore for its Asian HQ as per the recent report that we have in our Huobi news today.
Despite the regulatory issues in Singapore, Huobi Global chose this country as the regional headquarters with the exchange having another one set up in Europe. The reports show Huobi’s intention earlier in November citing co-founder Du Jun. Singapore will be the new headquarters since it is not able to continue operating in China and from China following the massive crackdown on the country anything even remotely connected to the crypto space.
It’s worth noting that the crypto exchange Huobi will set up the headquarters after it was eyeing Singapore for years but the decision is to move all basis of operations to the city-state. Du Jun explained that the exchange is looking for a regional HQ in Europe that could be in France or the UK while Binance is also examining France as a new option. Picking Singapore as a regional HQ is a surprising move from Huobi because of the regulatory hurdles. The company announced that it will stop servicing the users based in Singapore as of March 31st, 2022. The company said:
“To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China. Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users’ assets.”
As recently reported, Following the recent developments, Huobi issued an initial statement assuring the users that their assets will still be safe within the platform and their statement consisted of multiple ways via which users can redeem and withdraw their money back into their accounts. Elon Musk, Tesla’s CEO previously noted that the emergence of crypto in China could be a huge trigger that will threaten the dominance of the communist party. Investor Robert Kiyosaki as the author of the bestseller book “Rich Dad Poor Dad” said that China is in the process of developing an independent cryptocurrency and autonomous CBDC in the form of the digital yuan stating that the ban imposed on crypto could be a way to get rid of the competitors that could threaten the supremacy in the nation.