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Huobi Group, China’s largest crypto exchange, sets up HQ in Singapore

Huobi Group has chosen Singapore as its regional headquarters. The operator of China’s largest cryptocurrency exchange chose the financial hub as its regional headquarters where its co-founded Du Jun has been based since last year. Its Europe headquarters will being handled by a different location.

After recently shifting its attention outside of its initial home of Beijing, co-founder Du Jun announced in response to questions from Bloomberg News that Singapore will become the company’s new base. Since his return to Huobi at the end of last year, Mr Du has been based in Singapore.  In 2023, the company plans to open a new regional headquarters in either France or the United Kingdom, he said. To elaborate on the company’s decision to choose Singapore as its regional headquarters, Mr Du described Southeast Asia as an appealing market where the number of trade users has increased four-fold in the last month.

While Huobi has had staff operating an exchange out of Singapore for years, the establishment of an official headquarters in the city-state signifies a further divergence from its home nation of China, which has outlawed all crypto transactions and services on the mainland in September. According to a filing with Singapore’s Accounting and Corporate Regulatory Authority, Mr Li Lin, the Chinese firm’s other founder, is the largest stakeholder in Huobi International which was founded in August. Atlas Value and Zhen Partners Fund I, LP are the other two stockholders.

Huobi Technology Holdings, a Hong Kong-based affiliate, has also established Huobi Singapore, which is seeking a licence from the Monetary Authority of Singapore. Huobi Group is a global leader in the digital economy, established to achieve breakthroughs in fundamental blockchain technologies and the integration of blockchain technology with other industries. Founded in 2013, Huobi Group has developed a worldwide industry ecosystem for the digital economy by expanding into industry blockchain, public chain, digital assets trading and wallet, digital economy research, and other areas surrounding the upstream and downstream sectors.

Huobi Group has digital asset services licences in a number of nations and areas throughout the world. It has regulated entities in a number of nations and territories, including Japan, South Korea, and Gibraltar. Huobi Group is committed to offering safe and trustworthy Internet of Value (IoV) services to its tens of millions of users in over 100 countries and regions, based on the principles of globalisation, professionalism, compliance and diversification.