thecoinrise.com
Major cryptocurrency exchange, Huobi Technology Holdings Co is expanding into the United States of America after its subsidiary, HBIT Inc has received the U.S. Financial Crimes Enforcement Bureau’s (FinCEN) Money Services Business Registration (MSB) license.
Privileges the MSB License Offers
With this license, the trading platform will be able to keep up with its ultimate goal of globalization under a strict compliance policy. The exchange will now open a cryptocurrency trading-related business in the US as it looks to compete with top players in the space including Coinbase Global Inc, Kraken, FTX US, and Binance.US amongst others.
Additionally, the MSB license will enable HBIT to expand its operations with the enablement to facilitate the transfers of funds within the US.
“After obtaining this license, the brokerage business of Huobi Technology can conduct foreign exchange (Dealer in Foreign Exchange) and money transfer (Money Transmitter) operations throughout the United States. In the future, Huobi Technology is expected to further provide users in the United States with safe and compliant digital asset services and consolidate the momentum of international business expansion,” the trading platform said in the announcement.
The firm reaffirmed its commitment to bridging the gap between the digital currency ecosystem and traditional finance. It noted that its “Brokerage business continues to provide high-quality professional services for institutions and high-net-worth individual users, and establishes sufficient asset security for users through perfect anti-money laundering, KYC and other standards and risk control systems.”
While there is no defined timeline for each of the business offshoots it hopes to float in line with the received MSB license, and the digital currency services provider is certainly set to make the most use of the license.
Compensation for Sweeping Regulatory Strain
Huobi has been in the crosshairs of many regulators around the world in the past year. While it has had to leave China based on the proscription of digital currency trading activities last year, regulators in Thailand also sent the exchange packing last month after its license was revoked.
Perhaps, the MSB license will be used by the company to replenish its diminishing presence in key Asian markets like Singapore.