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The Chinese crypto exchange, Huobi, plans to relocate its headquarters

The Caribbean becomes a hotspot for the crypto market as multiple crypto exchanges move their headquarters

Shashank Bhardwaj
Published: Nov 3, 2022 07:47:57 PM IST
Updated: Nov 3, 2022 07:49:17 PM IST

The Chinese crypto exchange, Huobi, plans to relocate its headquartersImage: Shutterstock

Chinese crypto exchange Huobi is reportedly planning to move its headquarters from Seychelles to the Caribbean, with the Dominican Republic being its top choice. Currently, Huobi has offices in Hong Kong, South Korea, Japan, and the United States, with its headquarters in the Seychelles islands in the Indian Ocean.

The representatives from Huobi recently met with the Prime Minister of the Dominican Republic to talk about how Huobi will help improve the crypto infrastructure in the country. The company plans on relocating 200 employees out of 1600 to its new headquarters. 

Several other crypto platforms have also recently made the move to the Caribbean because of its easier laws related to crypto operations. Huobi moved to the Caribbean because of the ‘super-friendly’ crypto stance. Also, the Caribbean islands are readily adaptable to the English language, which is a plus, according to many companies.

Crypto exchange FTX has already moved its headquarters to the Bahamas due to the lax laws related to crypto in these countries. More companies like Binance, C-trade, PrimeBit, etc., are also planning to move their headquarters here. 

Huobi has recently been involved in the rumours of laying off a majority of its employees in the aftermath of the management changes. Although a spokesperson from Huobi stated these to be rumours and that the company enjoys a healthy cash flow, citing the recent buyout deal that occurred in October, where About Capital Management became the majority shareholder in Huobi. With the new changes to the management, it is insightful to see what steps are taken for cost-cutting. 

Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.

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