Huobi's expansion into the European crypto market

One of the largest crypto exchanges, Huobi, is already crowded in the Asian market and is seeking to conquer Europe. The door to Europe for this site will open in the British capital.

Singaporean crypto exchange Huobi has set a course for expanding its habitat and announced the creation of an office in London. Huobi's head of development in Europe considers London to be one of the most active trading scenes in all of Europe, and that is why the city has been chosen as the “entry point” to the European market. Despite the uncertainty caused by Brexit, London remains one of the largest centers of business activity. The largest banks with which Huobi plans to establish partnerships are based here. An important role in choosing the “door to Europe” is played by the UK’s position on the issue of regulation of the cryptocurrency market.

“We are not afraid of regulation and do not avoid regulation,” said Chern Chang, head of development at Huobi in Europe. The opening of a representative office in London is proof of the seriousness of the exchange’s intentions to comply with the most modern, global rules for regulating the crypto market. Many competing firms prefer to build bases in European countries with rather weak cryptography legislation.  Britain cannot be accused of sentimentality and liberal views on regulating the cryptocurrency sector, and there is a possibility that Westminster legislators will restrict digital business. However, Huobi is ready to "enter the mainstream" with the confidence that the London base can enable it to begin building and launching products and services for a European customer base. 

Huobi's continued expansion of its business footprint appears to be a fairly positive response to the difficulties the platform faced when China forced all domestic cryptocurrency exchanges to close their platforms in the fourth quarter of last year. Tightening policies towards cryptocurrencies in China forced Huobi, formerly based in Beijing, to move to Singapore.

Huobi's expansion extends beyond the European crypto market. At the beginning of the year, the company opened a new division in South Korea, and in February announced the opening of a branch in San Francisco.