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Huobi gets green light as exchange provider in Australia

Crypto exchange locks down approval to start trading services in Australia

Published: Aug 3, 2022 03:19:36 PM IST

Huobi gets green light as exchange provider in AustraliaImage: Shutterstock

Crypto exchange Huobi has been given the green light to begin offering exchange services in Australia, following its registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) on 1 August. The company will now be able to perform fiat to crypto trading services in the country. A representative has also said that they will be focusing on providing OTC registrations.

This move comes as the company looks at broadening their reach and moving into the American market as well after establishing a strong presence in Asian market. In July 2022, Huobi formed an American subsidy, HBIT, and it has also received a Money Services Business license.

It seems like the crypto exchange is on a roll, since it also scored licenses in New Zealand and the United Arab Emirates in June 2022. Moreover, Dubai's Virtual Assets Regulatory Authority (VARA) also gave the company provisional approval, allowing it to begin services in Dubai. The local entity is set to offer a complete range of crypto exchange services, operating under a test-adapt-scale model on the road to becoming licensed. 

While Huobi has continued to expand in other countries, it has faced struggles in Thailand. They were forced to permanently shut operations after failing to comply with regulations of the Thai Securities and Exchange Commission. The company also had to fight another battle in late 2021 when they had to relocate to Gibraltar, given China’s continued crackdown on crypto.

The company supports trading for more than 400 digital currencies and continues to add more to its roster every year. It is also regarded as one of the most liquid exchanges on the crypto market. 

Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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