Singapore-based cryptocurrency trading platform Huobi has applied for a crypto trading license in Hong Kong, as the country’s authorities announce a public consultation for their new plan to allow licensed cryptocurrency exchanges to serve retail investors in the country who wish to trade large cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
According to Justin Sun, Huobi’s Global Advisory Board member and new leader, the trading platform is seeking to expand its services and offerings to customers in Hong Kong with the new license.
Additionally, Huobi is launching a new exchange in Hong Kong, fully compliant with local regulations, focusing on institutional investors and high net worth individuals.
The announcement comes as Hong Kong’s Securities and Futures Commission (SFC) is calling for public consultation to determine whether licensed exchanges should provide services for retail investors and what measures should be implemented to protect these investors.
Huobi has made recent headlines over delisting 33 digital assets due to several conditions required to remain listed on the crypto exchange, such as failure to update quarterly and semi-monthly reports and low average daily volume.
In February, the platform also announced the shutdown of its multi-token Huobi Cloud Wallet due to strategic and product adjustments, urging users to transfer their assets to Huobi accounts or other on-chain addresses.