The subsidiary of Huobi Tech, HBIT The brokerage unit, receives a U.S. money transfer license. The license opens the door for the brokerage unit to offer cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. transactions in the future.
- Huobi moves forward with plans to enter the U.S. market.
- Your subsidiary HBIT obtains money transfer license
- It is a stepping stone to offering crypto transactions
The well-known exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Huobi Technologies said its brokerage subsidiary, HBIT, obtained a license to conduct foreign exchange and money transfer operations in the United States, which is a step on the way to offering cryptocurrency transactions.
HBIT received a Money Services Business Registration License (MSB) of the U.S. Office of Financial Crimes Enforcement (FinCEN) according to a statement.
“This is progress in Huobi Technology’s compliance process, which creates a good compliance foundation for the company to conduct digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency-related business in the United States in the future.” says the statement.
Another branch of Huobi Technology, the digital asset trust provider Huobi Trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Company , obtained a fiduciary license from the Nevada Division of Financial Institutions in December 2020. . The license allowed the company to offer custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. and fulfillment services in the U.S.
In the future, Huobi Technology plans to provide U.S. users with more digital asset services and “ consolidate the momentum of international business expansion”.
Huobi Tech is the subsidiary of Huobi Group which is listed in Hong Kong, under which the exchange of the same name operates. The two companies share a common shareholder, Leon Li, and branding, but are not formally affiliated. Last year, after China cracked down on cryptocurrencies in May, Huobi Group dissolved its office in the Asian giant and rushed to move its staff overseas from China.
It is worth remembering that Huobi Group entered the U.S. in 2018 but exited in December 2019 due to regulatory concerns. In February this year, co-founder Du Jun said the company planned to re-enter the U.S. market.
Likewise, Huobi announced in May of this year that bought the exchange Bitex to expand in Latin America .
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