The new entity is called Huobi Labuan, and its brokerage license allows it to offer crypto spot and derivatives trading for an initial nine-month trial period.
Huobi Global, Huobi Group’s flagship crypto exchange headquartered in Singapore, may have had a rocky fall in 2020 — at least, as circulating FUD and the rumors go. Today, Nov. 27, the brand has better news to announce, with the launch of another, independent platform licensed to use the Huobi name.
Targeted at the Malaysian market, the new Huobi Labuan is launching trading services shortly after having secured a digital asset trading brokerage service license from Malaysian authorities in Sept. 2020.
For an initial nine-month trial period, the new platform will be able to offer crypto spot and derivatives trading for over a dozen cryptocurrencies including Bitcoin (BTC), Ether (ETH), EOS and Huobi’s native token.
In terms of infrastructure, Huobi Labuan will act as a local operating partner of Huobi Cloud, and therefore use Huobi’s established trading technology for its local digital transaction brokerage services.
As reported, Labuan is just the latest in a string of licensed Huobi platforms or subsidiaries: the seven-year-old brand has a foothold in Thailand, the United States via strategic partner HBUS, Argentina and Turkey, to name a few
Notwithstanding the regulatory turbulence that exchanges are now facing in certain jurisdictions, Huobi has continued to expand its offerings, engaging with the DeFi space and decentralized internet projects such as Filecoin.