New station – Huobi continues its world tour. The crypto platform is now starting to conquer the Australian market. However, the cryptocurrency exchange has financial difficulties.
For Huobi, the world is not enough
End of 2021 : Huobi packs suitcases in Gibraltar, after China decided to ban cryptocurrencies from the territory. At the shareholders’ meeting on September 24, 2021, the Board of Directors suspended the company’s activities in China.
May 2022 : Huobi buys cryptocurrency exchange Bitex based in Latin America, and operates in Argentina, Chile, Paraguay and Uruguay.
June 2022 : cryptocurrency exchange irrevocably ceases its operations in Thailand, after the company failed to comply with SEC requirements. The regulatory body issued the first warning to Huobi in March 2021. The company’s license was then revoked on May 17, 2022.
June 2022 : Huobi receives New Zealand license and provisional authorization issued by Dubai Virtual Asset Regulatory Authority.
July 2022 : Huobi creates its American subsidiary HBIT, after obtaining the license Money Services Business.
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Landing in the Land Down Under
Huobi starts August with a registration as a digital currency exchange provider. This registration was made with the Australian Transaction Reporting and Analysis Center (AUSTRAC).
The company can now offer its own cryptocurrency trading services australia. The crypto exchange has indicated that it plans to focus on providing trading services.
Huobi thus continues its wandering around the world. Despite this, the crypto platform is setting foot in Australia financial difficulties encountered following the withdrawal of Chinese users from its platform. The cryptocurrency exchange is also experiencing a crypto winter.
Due to these financial problems, Huobi may also be forced to part with 30% of employeesa wave of layoffs that could affect the company’s 300 employees.
This geographical expansion of the crypto exchange, even in a bearish context, brings to the fore another problem, since regulatory nature. The company operates everywhere, but he only has a postal address in the Seychelles where he is located. Local authorities therefore cannot take legal action against a cryptocurrency exchange.
Huobi apparently wants to take over the world and even territories far above Earth The crypto exchange’s lunar ambitions were revealed last year.
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