Huobi HK Offers Spot Trading and Custody Solutions in Hong Kong

Huobi HK announces it offering spot trading services and custody solutions to retail and professional traders. The Securities and Futures Commission (SFC) of Hong Kong launched a new licensing regime in May.

Julia Leung, the head of the SFC, said in late April that the new licensing regime would make Hong Kong "more attractive [and] more competitive" for "international and Mainland capital." Hong Kong's crypto trading platforms will be regulated by the SFC's Fintech Task Force, and the SFC is also working with international regulators in other regions to "set baseline standards to regulate centralised virtual asset exchanges for adoption in major markets."

As the SFC’s work progresses on the new licensing framework, Huobi HK announced that it will offer its services to both retail and institutional traders. "Huobi HK is now offering spot and managed services to professional and retail customers," the exchange tweeted on Monday. "As a pioneer of a virtual asset trading platform in Hong Kong, Huobi HK has officially submitted an application notice to the Hong Kong Securities Regulatory Commission on May 29, and we look forward to obtaining a virtual asset exchange license."

Huobi added that in order to meet the requirements of the SFC and licensing regime, Huobi HK will be working with independent auditors over the next six months to focus on the platform's security, anti-money laundering and compliance operations.

Huobi HK’s parent company Huobi Global was previously warned by Malaysia's securities regulator. The Malaysian SC asked the exchange to halt operations in the country.

(Source: Bitcoin.com)