Huobi Group moves to Gibraltar after China’s crackdown

Huobi Group, a Bitcoin (Bitcoin) The technology company established in 2013 is transferring its spot trading business to Gibraltar as a preventive measure after China’s crackdown on cryptocurrency.

According to Bloomberg, the Gibraltar Financial Services Commission Authorization Huobi will begin to transfer its spot trading business to the subsidiary Huobi Technology (Gibraltar) Co., Ltd. Therefore, Huobi Group may provide spot trading services through Huobi Gibraltar (a centralized digital asset exchange regulated by GFSC). Huobi Group CEO Du Jun said:

“The global cryptocurrency industry is moving in the direction of regulated growth. […] Companies must recognize the importance of aligning their activities with trends. “

Many cryptocurrency companies withdraw from China Encryption is strictly prohibited. At the shareholders meeting on September 24, Huobi’s board of directors voted to stop operations and leave China.

After Huobi withdrew, other cryptocurrency-related platforms and companies, such as crypto mining pools and mining equipment manufacturers, also quickly followed up. Binance, and Bitmain are just a few organizations on this list.

According to a Cointelegraph report on October 29, Huobi officially closed the futures and other derivatives markets in mainland China as planned.

Gibraltar is a British overseas territory located at the southern tip of the Iberian Peninsula in Europe. It has been known as a Bitcoin safe haven in recent years. Many companies have snapped up It is regarded as a relatively benign regulatory environment.

The country has made significant progress in this regard Regulate the crypto industry in its territorySome industry participants praised the momentum that Gibraltar is creating, calling it the new “crypto hotspot”.