Huobi Migrates to Gibraltar Amidst China Crackdown

Urian B., Tech Times 09 November 2021, 02:11 am

The popular Huobi Group, a certain Bitcoin technology firm that was established back in 2013, is now relocating its own spot-trading business towards Gibraltar. Gibraltar is known as a precautionary measure following China's own cryptocurrency clampdown.

Huobi Moves from China to Gibraltar

As per a tweet by CoinTelegraph, it was noted that from the Great wall towards the rock of Gibraltar, Huobi is now migrating out of China. This is after the country's strict crypto regulations. It was noted that Huobi Group could be providing spot trading services through its own Huobi Gibraltar.

As per the report by Bloomberg, it was noted that the Gibraltar Financial Services Commission has actually authorized Huobi to start moving its own spot-trading operations in order to affiliate Huobi Technology Co. The results show Huobi Group potentially providing spot trading services through Huobi Gibraltar.

Huobi Gibraltar: a Centralized Digital Asset Exchange

Huobi Gibraltar is said to be a centralized digital asset exchange that has previously been authoritatively regulated by the GFSC. The CEO of Huobi Group, Jun Du, gave a statement regarding the matter. A $28 billion Malaysian commodities trading firm is now choosing to migrate from Ethereum to Polygon to tokenize its equity.

As per Jun Du, it was noted that the worldwide cryptocurrency sector is now moving towards regulated growth. It was stated that the business must recognize the whole significance of aligning its own activities along with the trend.

The Group Votes to Wind Down Operations in China

According to the story by CoinTelegraph, it was noted that a number of cryptocurrency enterprises have already withdrawn from China. This is a result of the country's really strict crypto ban. During a certain shareholders meeting that took place on September 24, Huobi's own board of directors all voted to wind down operations and had decided to leave China.

Following Huobi's exit from China, a number of other cryptocurrency-related platforms and companies, just like crypto mining pools and other mining equipment manufacturers, have decided to quickly follow suit. In other crypto news, Catecoin is now gaining massive attention on Twitter as it climbs to the top 10 most mentioned cryptocurrency.

Other Organizations Join the List

Binance, Bitmain, and BTC.com are just a few of the said organizations that have joined the list. As previously reported by CoinTelegraph on October 29, Huobi had officially closed off its own mainland China's futures along with their other derivatives market just like they previously planned.

Gibraltar, a particular British overseas territory that is located at the southern tip of Europe's own Iberian Peninsula, has already built a name for itself through the recent years as a sort of Bitcoin haven. There have already been a number of companies that have started rushing to what is seen as quite a relatively benign regulatory environment.

The country has reportedly also made some significant strides when it comes to regulating the crypto sector within its own borders. It was noted that a number of industry participants have already praised the momentum that is being created by Gibraltar. These participants are now calling it a new "crypto hotspot."

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Written by Urian B.