2 November 2024
Huobi Receives Approval To Operate In Malaysia
Huobi, a cryptocurrency exchange is launching regulated services in Malaysia through a local partnership model. The platform is named ‘Huobi Labuan,’ and it has received a digital asset trading brokerage service license in September.
They have nine months to meet the SEC's regulation standards, after the initial filing. During that interval, the exchange is permitted to provide spot and derivatives trading services.
As per Malayasia’s law, the crypto exchanges need to register as Digital Assets Exchanges with the SC. After completing a nine-month-long probationary period, Huobi Labuan will be allowed to receive full approval from the local securities watchdog.
Malaysian customers in Huobi will be able to make transactions in Bitcoin, Ethereum, EOS alongside over a dozen cryptocurrencies including Huobi’s own HT token. The exchange believes that cryptocurrency has a high potential for growth.
Huobi Labuan will play a local operating partner role of Huobi Cloud, and therefore use Huobi's established trading technology for its local digital transaction brokerage services.
Currently, Huobi Global ranks second in crypto spot exchange by daily traded volume as well as in the derivatives exchange charts.
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