Huobi Gibraltar has already received the necessary licenses from the local authorities.

Huobi Group, a Bitcoin (BTC) technology company founded in 2013, is moving its spot trading business to Gibraltar as a precautionary measure following China’s crackdown on cryptocurrencies.

According to a Bloomberg report, the Gibraltar Financial Services Commission has authorized Huobi to begin transferring its spot trading operations to subsidiary Huobi Technology (Gibraltar) Co. As a result, Huobi Group is able to offer spot trading services through Huobi Gibraltar, a centralized digital asset exchange that is heavily regulated by the GFSC. Jun Du, CEO of Huobi Group, stated:

“The global cryptocurrency sector is moving towards manageable growth. […] The company must be aware of the importance of aligning its activities with trends.”
Several cryptocurrency companies have pulled out of China due to the country’s strict ban on cryptocurrencies. At a shareholder meeting on September 24, Huobi’s board of directors voted to cease operations and withdraw from China.

After Huobi left, other cryptocurrency-related platforms and companies, such as cryptocurrency mining pools and mining equipment manufacturers, quickly followed suit. Binance, BTC.com, and Bitmain are just a few of the entities on this list.

As Cointelegraph reported on October 29, Huobi has officially closed the futures and other derivatives markets in mainland China as planned.

Gibraltar, a British overseas territory at the southern tip of the Iberian Peninsula in Europe, has established itself as a bitcoin haven in recent years. Several companies have jumped into a relatively benign regulatory environment.

The country has made significant strides in regulating the crypto sector within its borders. Some industry participants have praised the momentum generated by Gibraltar, calling it a new “cryptocurrency hotspot.”

Source: CoinTelegraph

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