Chinese cryptocurrency exchange Huobi plans U.S. re-entry
One of Huobi’s cofounders revealed to CNBC that the Chinese cryptocurrency exchange Huobi plans to enter the U.S. market again more than two decades after ceasing operations in compliance with regulatory requirements.
Du Jun said that although the exchange might be stopped, Du Jun suggested that instead, Du Jun suggests that they focus their efforts on asset management and other related areas, following last-minute missteps.
According to CNBC’s translation in Mandarin, Du stated that he tried to enter the U.S. in 2018.
He said that he expects asset management to outnumber exchange. This echoes traditional finance markets as well.
Du has not yet confirmed which Huobi business will be launched first when it reenters the U.S. Coinbase. According to CoinGecko, Huobi ranks among the 10 largest cryptocurrency exchanges in terms of trading volume.
Huobi was the first to launch a cryptocurrency exchange company in America in 2018, in 2018. In 2018, Huobi launched a cryptocurrency exchange business in the U.S. addedIt stated that the company would be returning to market in “more integrated, impactful” fashion.
Huobi Group has an investment business, an exchange and an asset management company called Huobi TechIt is available in Hong Kong.
As part of the larger international expansion plan, the U.S. push forms part. several years of tighter crypto regulation in ChinaHuobi’s first market was in. Beijing’s goal for last year was to become completely wipe out cryptocurrency mining in ChinaAnd crack down on loopholesThat allowed Chinese citizens the freedom to trade.
Huobi had already closed all accounts of mainland Chinese users and selected Singapore as its Asia headquarters.
Du claimed that Huobi’s revenue has been reduced by 30% due to China users being shut down. This has provided the company with an additional boost for international expansion. The company is also looking to establish a European headquarters.
Du explained that there is no way to know how much staff and resources will be deployed for the international market. We have to do everything we can to move forward with our global strategy. In the past we explored new markets and could always pull out if that didn’t work. Huobi now has to be global.
Du was highly praised by China for its strict regulations on cryptocurrency, citing the fact that it addressed cases of money laundering and gambling. Huobi founder Du said regulation helps smaller investors. However, he said that other countries shouldn’t follow China’s lead because there might be investors who are more experienced in different markets.
China is a country where people can lose their investments. Extreme people will sometimes jump from the building of regulators. Investors are also less mature. Similar steps were taken by the government for Covid restrictions. Du explained that it had recognized a potential danger and took steps to safeguard the lives of its citizens.
We can see that the older investors in other areas are better prepared. Because they have greater experience, and are more responsible for the investment decisions made by them, these investors can be trusted and governments do not have to enforce strict regulations.
The global regulators of cryptocurrency are examining the rules, starting with trading and ending with how they should tax. This month India proposed a 30% taxAny income earned from digital asset transfers. The U.S. is still investigating. how to regulate cryptocurrencies.