Digital asset service provider Huobi Group is set to launch a crypto exchange in the British Virgin Islands (BVI) after obtaining a license from the local financial watchdog.
Huobi Gets License to Build A New Cryptocurrency Exchange
The Seychelles-registered crypto firm said on Friday it has acquired a license from the British Virgin Islands’ Financial Services Commission (FSC) under Huobi’s regulated local subsidiary, Brtuomi Worldwide Limited.
With this latest development, Brtuomi became one of the two companies that managed to get permission for new financial solutions and services by FSC officials.
Founded in China, Huobi Group cryptocurrency He is focusing on global strategies after banning his trading and forcing the exchange platforms to move elsewhere.
In July, a Huobi Global entity obtained a money transfer license that would allow foreign exchange and money transfer transactions in the United States.
The company said its subsidiary has obtained an “Investment Business License” in the British overseas territory. Brtuomi did not appear on the list of FSC regulated entities holding investment operating licenses at the time of this writing.
Huobi says that once “all conditions are met”, its subsidiary will be able to operate an “institutional-grade virtual asset trading platform for both professional and individual investors” that will be able to offer a range of services, including crypto spot trading and derivatives trading.
In the announcement, the company did not specify when it plans to launch the local exchange, but said it is working with regulators to “develop a suite of licensed trading products and services.”
*Not investment advice.
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