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Huobi, China’s largest crypto exchange, has chosen Singapore as the new regional headquarters for its Southeast Asian operations. The company also plans another regional hub for its European business.
According to Huobi co-founder Du Jun, the crypto exchange’s decision to choose Singapore reflects its shift to focus outside of its original home of Beijing, the Straight Times reported. Since his return to the company in late 2020, Mr. Du has been based in Singapore.
The move also signals the crypto exchange’s further breakaway from its home country. In September, China has banned all crypto-related transactions and services on the mainland. The company said that it will expel all Chinese users by the end of 2021 to comply with the new regulations.
Huobi has been preparing its move out of China for a few months now. Since May, the company has been moving its staff to its Singapore office after the Chinese government imposed a crackdown on crypto trading.
However, one of the company’s key executives was not able to make the relocation. Huobi co-founder Leon Li is still in Chan as he is reportedly subject to border restrictions, according to Coindesk.
Southeast Asia is a major market for the global crypto exchange. According to Du, the number of users from the region quadrupled over the past month.
Huobi told CoinDesk that the Singapore regional office will not serve customers from Singapore. Instead, it will operate under, Huobi International, an entity that was incorporated in August.
According to a filing made to Singapore’s Accounting and Corporate Regulatory Authority, Huobi co-founder Mr. Li Hin is a majority shareholder of Huobi International. Other notable shareholders include Atlas Value and venture capital firm Zhen Fund.
The crypto exchange is also planning another regional headquarters for its European operations. While it is yet unclear at the moment, Huobi expects to put up shop in either Britain or France, which could happen in 2023.
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