Popular crypto exchange, Huobi is gearing up to enter the United States of America after the firm was confirmed as a recipient of a FinCEN license. According to the update, a sister arm of the company known as HBIT was granted the license by the regulatory body in charge of financial crimes. In its statement, Huobi mentioned that the new Money Services Business license would help the company birth the dream of spreading its wings across the US.
The license will help the company transmit fiats currencies
Huobi also said that the license buttressed its lifelong dream of complying with rules across every country that it intends to set up shop. Huobi has been able to cement itself as one of the top picks when crypto exchanges are concerned. CoinMarketCap data shows that the exchange has moved more than $1 billion in volumes across the last day. According to data released before the Chinese crypto ban, most exchange customers came from the country.
However, a recent survey has put most of the company’s users across Ukraine and Russia. This latest license will see Huobi’s sister branch, HBIT, help users send and receive cash. The license is also a way to ensure that the regulator keeps an eagle’s eye on the company to prevent malicious activities such as money laundering.
Huobi scores more win across the world
This latest license will not enable Huobi to provide its users in the US with a traditional exchange as it will need to fulfill certain conditions to gain the license. However, the firm has noted that there are plans to apply for the license in the future as they look to unveil a branch of their crypto exchange that will comply with rules in the coming years. Asides from its foray into the US, the company is also looking at setting up a shop in Hong Kong.
The company has applied for a permit to carry out crypto services across Hong Kong. With that said, the company has seen many license applications go their way over the last few years. The company has won licenses in New Zealand, UAE, and many other countries. However, the license in the UAE will see the company dip its hands in the country’s tech industry while getting exemptions from several tax obligations. There have also been bumps in the road with the company losing a license of operation in Thailand for failing to follow a rule that was in the conditions to satisfy the license.