Huobi Gets Regulatory Approvals

Huobi Group, a big name and well-known brand in the cryptocurrency industry, announced Friday that it has received regulatory approval from the Financial Services Commission (FSC) of the British Virgin Islands.

According to the press release, the company has been granted approval and license to operate as a virtual asset swap platform.

Lili Zhang, chief financial officer of Huobi Group, said:

This historic approval makes HUOBI the BVI's first licensed digital platform for institutional grade derivatives products.

With the new approval, Huobi plans to launch immediate and derivative cryptocurrency trading, along with other potential product lines.

Lilly added:

We see huge market opportunity in crypto derivatives, with perpetual futures contracts accounting for nearly half of global crypto trading volumes in 2021.

With compliance becoming increasingly important in the industry, we will strive to meet all regulatory requirements as we expand.

Going forward, we will work closely with regulators in the BVI to develop a range of licensed trading products and services, and promote the growth of the cryptocurrency industry in the territory.

Huobi Cryptocurrency Exchange:
Huobi is one of the largest cryptocurrency trading platforms and has made its mark in both the cryptocurrency and derivatives markets.

It is headquartered in Seychelles and largely owns the cryptocurrency trading markets.

Meanwhile, the company stopped offering crypto-derivative products in New Zealand just two months after expanding its operations in the country.

In addition, the company bans its services to individuals from 11 countries, including the United States, Canada, Japan, Iran and Singapore, while users from the United Kingdom, mainland China, and ten other jurisdictions are prohibited from accessing its derivative products.