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Crypto exchange Huobi is now eyeing a share of the Malaysian cryptocurrency market. The company announced the launch of a Huobi-branded exchange that will operate in Labuan.
The Singapore-based cryptocurrency exchange Huobi has expanded into neighboring Malaysia. In an announcement made on Friday, November 27, 2020, Huobi confirmed the launch of an independent platform that will use the Huobi name, according to Cointelegraph.
The new crypto trading platform, named Huobi Labuan, will be specifically targeting the Malaysian market. The launch of the cryptocurrency trading service came shortly after the firm secured a digital asset trading brokerage service license in September 2020.
In an emailed press released, Huobi Labuan said that its aim is to give investors in Malaysia access to a “safe and regulated” platform where they can conduct cryptocurrency trading, Yahoo Finance reported. The company was able to secure a brokerage license for a nine-month trial period of operation.
The license allows Huobi Labuan to offer crypto spot and derivatives trading. During the trial period, the exchange will only support a dozen cryptocurrencies that include Bitcoin (BTC), Ether (ETH), EOS, and HT token. However, the firm also hinted that more cryptos can be added after the trial period is completed.
Huobi Labuan will act as a local operating partner of Huobi Cloud. This allows it to use Huobi’s trading technology and its digital transaction brokerage services.
The Labuan, Malaysia-based crypto exchange is just Huobi’s latest in a string of platforms and subsidiaries. Previously, the company already has operations in Turkey, Argentina, Thailand, and the U.S. via its partnership with HBUS, to name a few.
Huobi Global is one of the top crypto exchanges in the world. Based on data from Coinmarketcap, it is the second-largest exchange in terms of the trading volume.
Occupying the top spot is Binance, which moved its headquarters to Malta. Rounding up the top five spots are the San Francisco, California-based Coinbase at the third spot, Kraken, another San Francisco-headquartered exchange, at the fourth spot, and Bitfinex as the fifth-largest cryptocurrency on the world by trading volume.
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