The news that Huobi registered to operate in Hong Kong caused the exchange’s HT token to increase sharply by 24%, and hit the highest level since December 2022.
As soon as information is available Hong Kong considers allowing individual investors to trade large-cap coins On February 20, the “new owner” of Huobi exchange Mr. Justin Sun later revealed on his Twitter that the exchange is applying for a license with the government of this special economic zone, and is about to launch an exchange. own translation called Huobi Hong Kong.
Big news for crypto today: @HuobiGlobal has announced that it’s applying for a crypto trading license in Hong KongðŸ‡ðŸ‡°! This is a major step for the major cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner. 🇨🇳
— HE Justin Sun (@justinsuntron) February 20, 2023
In addition to the licensing news, Huobi is also launching a new exchange in Hong Kong, aptly named Huobi Hong Kong. The exchange will be fully compliant with local regulations and offer a range of trading pairs and services to customers.
— HE Justin Sun (@justinsuntron) February 20, 2023
Huobi Token (HT) price immediately reacted positively to the news, up 23.7% in the past 24 hours and at one point hit $6.33 – HT’s highest level since December.
Hong Kong has outlined a plan to allow retail investors to trade Bitcoin (BTC), Ethereum (ETH) and several other major coins. This is an important step towards Hong Kong’s goal of becoming a major crypto hub.
Hong Kong regulators also have a discussion about adjusting the rules for crypto exchanges. Accordingly, SFC President Julia Leung said that the laws will comply with the principle of protecting investors “same business, same risks, same rules”.
Meanwhile, Huobi plans to further develop its business despite rumors of difficulties forcing large cuts in staff, Huobi Korea branch suddenly cut off Huobi Global relationship the middle of the storm. Around January 6, the exchange was 20% reduction in staffcausing the price of HT immediately after that also fell about 6% along the line of events.
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