The worldwide renowned Huobi crypto-trading and exchange platform had recently launched its new exchange in Malaysia. It was informed that a new crypto exchange backed by Huobi under the name of HuobiLabaun had been established. The newly formed entity will render crypto exchange and trade services to Malaysian investors and customers.
The news further revealed that HuobiLabaun had been licensed by the Malaysian Government’s Regulator. But the license had been issued subject to an initial nine-month trial for crypto trading services. It was told that the Malaysian Regulator was approached by Huobi in June this year for launching a subsidiary in Malaysia. After considering the application, the Malaysian Regulator had granted a license to Huobi in September to establish its subsidiary in Malaysia.
In the trial period of 9 months, newly developed exchanges would be allowed to trade in a restricted number of cryptocurrencies. These digital currencies would include Bitcoin, Ethereum, and EOS as well as the inherent tokenized securities offered by Huobi. Once the trial period expired, then HuobiLabaun will be allowed to include all other cryptocurrencies.
Being a subsidiary of the mother company, Huobi Group, HuobiLabaun will be obtaining support services from Huobi Cloud. This meant that the technology to be used by HuobiLabaun for conducting crypto transactions will be of Huobi itself.
Apart from HuobiLabaun, Huobi had earlier established its subsidiaries in the countries such as the US, Thailand, Turkey, and Argentina.
However, entities like Huobi had been facing difficulties while working within other jurisdictions. Therefore, many popular exchanges had recently skipped ideas of expanding their subsidiaries in other jurisdictions. But it seems that the problem does not affect Huobi too much. Houbi continued to expand its branches and subsidiaries in different parts of the world. In addition, it never backed down from offering Decentralized Finance protocols, in particular of Filecoin.
Huobi Global was founded in and headquartered in Singapore which currently hosts millions of its customers around the globe. In the list of crypto spot exchanges, Huobi Global is ranked at number two in terms of its daily trade volume. Even in the list comprising of top derivatives exchanges of the world, the company again holds the second position.