Huobi Receives Approval to Operate in British Virgin Islands

Huobi, a Seychelles-based digital asset service provider, has received the Financial Services Commission's (FSC) of the British Virgin Islands approval to operate as a licensed virtual asset exchange.

According to the press release shared on September 9th, after meeting all the requirements, the company will be able to provide spot trading for cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), derivatives trading, as well as “other innovative products” and services. 

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Polkadot in Crypto? (DOT Animated Explainer)

SUBSCRIBE

ON YOUTUBE

It is worth mentioning that the regulatory approval was given under Huobi subsidiary Brtuomi Worldwide Limited (BWL).

The company claims that it is the first Digital Asset Trading Platform Operator in the British Virgin Islands to operate in institutional grade. Huobi Group notes that it will provide its services to both retail investors and professionals. 

"This landmark approval makes Huobi the first licensed digital asset exchange for institutional-grade derivative products in the British Virgin Islands. It is a testament to our experience, professional knowledge, and track record in the global cryptocurrency industry,” said Houbi Group chief financial officer Lily Zhang. 

Alongside regulatory approval, the company became a member of the FSC’s financial innovations sandbox. Participation in this sandbox will allow Huobi to test new products and services, as well as be a part of the growing fintech sector. 

When talking about being a part of the FSC’s financial innovations sandbox, the Houbi Group CFO Lily Zhang noted:

With the growing importance of compliance in the industry, we will strive to meet all regulatory requirements as we expand. Going forward, we will work closely with the British Virgin Islands regulators to develop a suite of licensed trading products and services and foster the cryptocurrency industry’s growth in the territory.”

In other news, at the end of July, Huobi received approval from the Australian Transaction Reports and Analysis Center (AUSTRAC) to offer trading services in this country.