Singapore – The Singapore-based crypto exchange Huobi, a former “big three” platform, confirmed its launch in Malaysia through a local partnership model. According to the executives, the crypto exchange has received a “digital asset trading brokerage service” license called “Huobi Labuan” in September. This expansion already received a license from the Labuan Financial Services Authority (LFSA).
After the initial filing, reports claim that Huobi gets up to nine months to meet and accomplish the SC’s regulation standards, during which the exchange is permitted to deliver derivative trading services.
However, the Malaysian law requires cryptocurrency exchanges to register as Digital Asset Exchanges with the SC. Therefore, Huobi Labuan will be eligible to receive full approval from the local security watchdog after the nine-month probationary period.
Many crypto enthusiasts claim that Malaysian Huobi customers will be delighted with this project since they can finally make transactions using Huobi‘s HT token, Bitcoin, Ethereum, EOS, and other cryptocurrencies. The Singapore-based exchange also stated that many global platforms had underserved Malaysia, and Huobi believes it has a high potential for growth and success.
In announce made on Friday, November 27, 2020, the Singapore-based crypto exchange confirmed its initial launch that targets the Malaysian market. In an emailed press release, Huobi said that its primary goal is to give investors in Malaysia access to a safer and more regulated platform, where they can conduct crypto trading conveniently. The company also stated that it would add more virtual currencies after the trial period is completed. Now, Huobi Labuan will serve as a local operating partner of Huobi Cloud. It will use Huobi‘s trading technology and its digital transaction brokerage. Like its operations in Turkey, Argentina, Thailand, Russia, the United Kingdom, and the United States, Huobi will surely gain millions of new customers in Malaysia. Many critics confirmed that the exchange has been expanding aggressively worldwide.