Huobi gets regulatory approval in Australia

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Australian financial regulators have reportedly greenlighted one of the leading cryptocurrency platforms, Huobi Group, to register as a digital currency exchange provider in the country. This is the company’s latest expansion step and first in Australia.

Founded in China, Huobi had to move its operations abroad due to the adverse stance against the crypto industry in the world’s most populated nation. It has headquarters in numerous countries, while its main base is in the Seychelles.

According to a recent coverage, the regulatory nod from the Australian Transaction Reports and Analysis Centre (AUSTRAC) enabled Huobi Global to provide cryptocurrency services to local consumers. They can use the platform to purchase and sell digital assets, such as Bitcoin and Ether, in their local currency (the Australian dollar).

At a later stage, Huobi plans to provide Over-the-Counter (OTC) services. Commenting on the move was the firm’s CFO, Lily Zhang:

“We have always made security and compliance our highest priorities, as we believe that only under this principle can we grow alongside the industry to provide professional and secure services to our users.”

Over the years, Huobi has secured regulatory approval in a range of nations, including Japan, South Korea, the USA, and Hong Kong. In November last year, it migrated its spot-trading operation to Gibraltar due to the crypto-friendly stance of the local watchdogs.

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