Malaysia will now be home to popular cryptocurrency exchange Huobi’s latest entity dubbed Huobi Labuan, a regulated platform with a brokerage license that allows it to offer services like crypto spot and derivatives trading for an initial nine-month trial period.
The name Labuan derives from the Malay word labuhan which means harbor, making it a fitting name for this platform as a Bitcoin harbor might be much needed in the nation, considering the fact that it’s native currency Ringgit is down 15-20% against the dollar.
Meanwhile, Huobi might have a bad 2020, especially because of a rumor that the exchange’s COO Zhu Jiawei might have been arrested as a part of China’s recent crackdown on crypto exchanges. The rumor had triggered massive outflows of funds from Huobi Global in less than a day’s time.
However, the Huobi group now has better news to share, with Huobi Labuan targeting the Malaysian market with its recently secured digital asset trading brokerage service license from Malaysian authorities.
The exchange will act just like a local operating partner of Huobi Cloud, meaning it will leverage Huobi’s established trading technology in all its local digital transaction brokerage services. The report adds that Labuan is the seventh licensed Huobi platform, with the brand having entities in Thailand, the United States via strategic partner HBUS, Argentina, and Turkey, among the rest.
The launch of the Huobi Labuan exchange will allow local cryptocurrency enthusiasts to trade safely and in a regulated matter. As of now, the exchange’s website showcases OTC trading for Bitcoin (BTC), Tether (USDT), Ether (ETH), Huobi Token (HT), Ripple (XRP), Litecoin (LTC) and EOS. The exchange will be permitted to list more assets upon successful completion of its nine-month trial period.
Huobi continues to grow
Despite all the various regulatory hurdles that cryptocurrency trading platforms are dealing with throughout the globe, Huobi continues its expansion saga. The platform has also continued to add more services, with the recent being the addition of new wrapped assets earlier this month.
Back in August, reports emerged that Huobi appointed Vladimir Demin as the chief advisor of Huobi Global. Demin has been serving as the partner and CEO of Huobi Russia and would now assist with the development of the Russian market. The move was a bid to deepen its roots within the Russian crypto market.