thecoinrise.com
Huobi cryptocurrency exchange has filed an application with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to operate as a digital currency service provider. The move marks an extension of the trading platform’s core business focus to expand its trading activities to key regions but in compliance with local regulations.
Huobi Global Exchange said the registration with AUSTRAC is its first important attempt to become a key player in the Australian digital currency trading ecosystem.
“We have always made security and compliance our highest priorities, as we believe that only under this principle can we grow alongside the industry to provide professional and secure services to our users,” said Huobi Group’s Chief Financial Officer (CFO) Lily Zhang.
With the registration, Huobi will now be able to offer a defined set of services in Australia including “money (Australian or foreign currency) for digital currency,” and “digital currency for money (Australian or foreign currency).”
“Huobi Global will mainly plan to provide OTC services after receiving the registration status this time.”
Huobi Global and Varying Licenses Tapped by the Exchange
Huobi Exchange has had its fair share of rebuff from a number of jurisdictions in recent times and it is no longer operating in China where it was founded. While the Chinese exodus was not peculiar to Huobi per Beijing’s crackdown on digital currencies, the platform was sent packing in Singapore and Thailand earlier this year after refusing to meet certain guidelines.
While these woes stand out, Huobi has been hitting a number of impressive milestones over the course of the past few months as it has received the licenses to operate in very important jurisdictions. One of these is Dubai as it was granted the “MVP provisional approval by the Dubai Virtual Assets Regulatory Authority (VARA) while it applies for a license, in accordance with VARA requirements.”
Besides Dubai, Huobi has also tapped a series of licenses from countries like the United States, South Korea, New Zealand, Japan, and Gibraltar amongst others.
“We are pleased to see the growing number of licenses and registrations we have received globally, which demonstrates our commitment to compliant growth. We aim to sustain this momentum to drive our global expansion,” Zhang added.