Huobi gets green light as exchange provider in Australia

Gibraltar-based cryptocurrency exchange Huobi has received the regulatory greenlight to offer its services in Australia.

Crypto exchange Huobi can begin offering cryptocurrency exchange services in Australia after its registration as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC) on Aug. 1. This means Huobi can now offer fiat to cryptocurrency trading services in the country.

Cointelegraph has reached out to Huobi to ascertain whether it will be able to offer full exchange services. The company initially indicated it would focus on providing OTC services after receiving its registration.

The exchange continues to look at broadening its horizons and is also eyeing a move into the American market. Huobi formed an American subsidiary, HBIT, in July 2022. It has received a Money Services Business license, with the company hoping to launch exchange services in the future.

Huobi also scored licenses in New Zealand and the United Arab Emirates in June 2022. Dubai’s Virtual Assets Regulatory Authority (VARA) granted the exchange provisional approval to begin offering its services in the country. Huobi’s local entity will offer a full suite of cryptocurrency exchange products and services, which will operate under a test-adapt-scale model as part of the process of becoming licensed.

The company had its struggles in Thailand during the same month, eventually shuttering after failing to comply with Thai Securities and Exchange Commission regulations.

Huobi was forced to relocate to Gibraltar in late 2021 following China’s latest crackdown on cryptocurrency use. The British Overseas Territory has become an attractive location for cryptocurrency businesses and service providers.