Huobi’s Hong Kong branch now seeks a virtual asset exchange license

In its recent announcement, Huobi Global revealed that Huobi HK has expanded its services. Currently, the platform will also offer spot and managed services, which are available to retail investors and experts alike. The leading virtual asset exchange in Hong Kong also submitted an application to receive a virtual asset exchange license, taking a major regulatory leap forward.

Huobi HK is serious about getting a virtual asset exchange license

Huobi HK intends to expand in order to be able to accommodate a wider range of users. On top of that, the exchange also seeks to provide its customers with the best possible trading experience, meaning that it wants to offer as many services as possible, all in a single place.

The announcement further says, “In the next six months, Huobi HK will work with independent auditors, focusing on the security, anti-money laundering and compliance of the platform to meet the requirements of the Hong Kong Securities Regulatory Commission and ensure the operation of the platform.”

Huobi HK has officially submitted its application to the Hong Kong Securities Regulatory Commission yesterday, May 29th. Apart from expanding the number and nature of its services, Huobi HK also seeks to foster a climate of innovation. Several other companies, including OKH, JPEX, and BTSE, also said they intend to pursue the license, but so far, Huobi HK seems to be the first one ready to take the next step.

Huobi HK wants to build a solid foundation based on regulations

Huobi also learned from its past mistakes. In the past, the Securities Commission Malaysia (SC) has taken action against the platform because it was operating in Malaysia without being registered and having the appropriate license. The SC said that it intends to enforce compliance for the safety of the country’s investors.

Both the exchange and Leon Li, its CEO, have received a public reprimand for alleged illegal operations. The platform was ordered to cease its operations immediately, and to ensure that it would not continue attracting new users, its mobile app was disabled on Google Play Store and Apple App Store.

Huobi HK now seems to ensure compliance and establish a foundation for its operation to avoid similar incidents. With a license, Huobi HK would also be able to strengthen its position in the market. Meanwhile, as mentioned, it will spend the next six months strengthening security and ensuring that the right protocols are in place.

Of course, the crypto industry is still evolving, and it will continue its evolution in years to come. This is why Huobi HK doesn’t intend to stop at getting the license, and it will remain dedicated to staying at the forefront of regulatory compliance and security measures.