Huobi wins license in the British Virgin Islands, no timeline for the UK yet

Huobi wins license in the British Virgin Islands, no timeline for the UK yet

Huobi, the major cryptocurrency exchange, continues to expand its global reach by entering British Virgin Islands (a British Overseas Territory).

Huobi announced Friday that it has been granted an investment license by the Financial Services Commission of the British Virgin Islands. This approval allows Huobi the right to operate a virtual asset swap under the Brtuomi Worldwide Limited subsidiary (BWL).

BWL announced that it will offer a variety of crypto trading services including spot trading in cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and derivatives trading.

The company is the first to operate a digital asset trading platform in the British Virgin Islands. It has been licensed to manage an institutional-grade cryptocurrency trading platform for professional and retail investors.

Lily Zhang, chief financial officer at Huobi Group, stated that “we believe this license will have significant implications for institutional investors as it will make us first exchange to offer compliant crypto derivative products in the territory.”

“Many institutional crypto investors operate from the British Virgin Islands. We believe there is a huge market opportunity there.”

Zhang pointed out that Huobi also has a distributed ledger technology licence in Gibraltar. According to Cointelegraph, Huobi Group has not provided any timeline for when services will be expanded to other parts of the United Kingdom.

BWL, along with companies such as Three Arrows Capital and Alameda Trust, has been officially regulated in the British Virgin Islands. BWL is also part of the FSC’s financial innovations sandbox.

Official FSC records show that BWL is the second participant in the sandbox, after Structure Financial, which is a global trading platform that facilitates crypto-based lending and investing. In 2020, the regulator created the sandbox with the goal of supporting innovation in the fintech sector. It also allows businesses to test new products and services.

Related: Huobi Crypto Exchange wins Licenses in Dubai and New Zealand for its Thai Affiliate

Zhang stated that “We will continue to work closely with British Virgin Islands regulators in order to develop a suite licensed trading products, services, and foster the growth of the cryptocurrency industry in the territory.”

The British Virgin Islands is one of the major global destinations for cryptocurrency-related firms. The British Virgin Islands is now the second most preferred location for crypto hedge funds, according to the fourth annual global crypto fund report 2022 by PwC.

Three Arrows Capital, a Singapore-based venture capital company, was ordered to liquidate by a British Virgin Islands court. According to official data, the firm has been registered as a professional fund by FSC.

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