Popular crypto exchange Huobi announced on Monday that it has started migrating its Spot Trading Services after receiving regulatory approval from Gibraltar’s financial regulator Gibraltar Financial Services Commission (GFSC).
In an announcement made on Monday, Huobi would migrate spot trading users, tech infrastructure, and cloud hosting to an affiliated entity, Huobi Technology (Gibraltar) Co. Ltd. It was previously operating its spot trading business via a registered but unregulated entity in Seychelles.
The Gibraltar subsidiary previously received a license for distributed ledger technology from the regulators. However, the license only applied to institutional brokerage, high net worth individual users, and over-the-counter (OTC) services.
Huobi Group co-founder Du Jun said:
“This marks a key milestone in Huobi’s global expansion efforts. The global cryptocurrency industry is moving towards compliant growth and we recognize the need to align our business with this trend.”
Huobi’s move came as China intensified its crackdown on crypto trading and mining, resulting in many exchanges and crypto service operators migrating from the country. Huobi had moved most of its operations to Singapore when Chinese authorities issued the policy to ban crypto trading in September.