The Chinese government’s recent ban on cryptocurrency trading has forced Huobi to move its headquarters overseas. The company is establishing an office in Gibraltar, which is seen as a safe haven for companies who are looking for somewhere new to base their operations. Keep Reading
In a move that will see Huobi Group become the first major cryptocurrency exchange to enter Gibraltar, China’s government has cracked down on Bitcoin and other cryptocurrencies in an effort to stabilize its volatile economy.The “huobi global” is a cryptocurrency company that has been operating in China. The company announced that it will move its headquarters to Gibraltar following the crackdown on cryptocurrencies in China.
Following China’s cryptocurrency crackdown, Huobi Group, a Bitcoin (BTC) technology startup founded in 2013, is transferring its spot-trading operations to Gibraltar as a precautionary step.
The Gibraltar Financial Services Commission has given Huobi permission to begin shifting its spot-trading activities to Huobi Technology (Gibraltar) Co, according to Bloomberg. As a consequence, Huobi Group may be able to provide spot trading services via Huobi Gibraltar, a centralized digital asset exchange that is governed by the GFSC. Huobi Group CEO Jun Du stated:
“The global cryptocurrency market is heading in the direction of controlled development. […] The company must understand the importance of matching its actions with the current trend.”
As a consequence of China’s harsh crypto prohibition, some bitcoin businesses have left the country. Huobi’s board of directors decided to shut down operations and depart China at a shareholders meeting on September 24.
Other cryptocurrency-related platforms and businesses, such as cryptocurrency mining pools and mining equipment manufacturers, swiftly followed Huobi’s lead. Some of the companies on this list are Binance, BTC.com, and Bitmain.
Huobi officially halted mainland China’s futures and other derivatives markets on October 29, as reported by Cointelegraph.
Gibraltar, a British overseas territory near the southern point of Europe’s Iberian Peninsula, has gained a reputation as a Bitcoin refuge in recent years. Several businesses have rushed to take advantage of what is seen to be a reasonably benign regulatory climate.
Within its boundaries, the nation has made tremendous progress in regulating the crypto industry. Gibraltar’s progress has been lauded by certain industry insiders, who have dubbed it a new “crypto hotspot.”
The “huobi global review” is an article that discusses the Huobi Group’s move to Gibraltar following China’s crackdown on cryptocurrency. The article also includes a number of other things to know about the company.
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- china crackdown on bitcoin
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