Huobi Group, a Bitcoin (BTC) technology company founded in 2013, is moving its spot trading business to Gibraltar as a precaution after the cryptocurrency collapse in China.
According to a Bloomberg report, the Gibraltar Financial Services Commission has authorized Huobi to begin transferring its spot trading operations to its subsidiary Huobi Technology (Gibraltar). which is officially organized by the GFSC. John Doe, CEO of Huobi Group stated:
“The global cryptocurrency sector is heading towards orderly growth. […] The company should be aware of the importance of adapting its activities to the trend.”
Many crypto companies have pulled out of China as a result of the strict cryptocurrency ban. At a shareholder meeting on September 24, Huobi’s board of directors voted to stop production and leave China.
After Huobi left, other crypto-related platforms and companies, such as crypto-mining pools and mining hardware manufacturers, quickly followed suit. Binance, BTC.com, and Bitmain are just a few of the institutions 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 located at the southern tip of the Iberian Peninsula in Europe, has established itself as a bitcoin haven in recent years. Many companies have rushed what is considered a relatively lax set of rules.
The country has made great progress in regulating the crypto sector within its borders. Some industry insiders have praised the momentum that Gibraltar is creating, calling it a “cryptocurrency hotspot.”
