Huobi Group, the company behind the global cryptocurrency exchange Huobi, is apparently planning to return to the United States with a new license from local regulators.
Following the termination of its US business in late 2019, Huobi appears to be interested in opening a trust company in the country. Trust funds are companies whose task is to manage the assets of a group of owners or investors. The Grayscale Trust uses this structure to offer cryptocurrencies in traditional markets.
According to Huobi Technology Holdings’ December 22 announcement, Huobi Trust’s Nevada subsidiary received a license from the Financial Institutions Division of the Nevada Department of Business and Industry.
Lan Jianzhong, CEO of Huobi, indicated that Huobi Trust has not yet started offering any related trust services. “Shareholders and potential investors are advised to be careful when trading the company’s shares,” Jianzhong wrote in the announcement.
Huobi did not immediately respond to Cointelegraph’s request for additional development information.
Huobi US, or HBUS, the US cryptocurrency exchange operator Huobi, officially ceased operations in December 2019. The move came shortly after Huobi Global announced that it would freeze all U.S. customer accounts by mid-November. The exchange said the event was caused by issues related to the US regulatory ecosystem.
Oslo Børs has tried to take advantage of new markets around the world in recent years. In November 2020, Huobi Global, the flagship of Singapore-based Huobi Group’s cryptocurrency, announced the creation of a new organization, Huobi Labuan, to launch trading services in Malaysia. In August, Hubei announced a wide range of measures to expand its presence in Russia.