It is not known yet when the trading platform under Huobi’s local regulatory subsidiary Brtuomi Worldwide Limited will be set up.
After obtaining a license from the local financial watchdog, digital asset service provider Huobi Group will be able to operate a crypto-exchange in the British Virgin Islands.
The Seychelles-registered crypto company said Friday it secured the license from the BVI’s Financial Services Commission (FSC) under Huobi’s regulated local subsidiary Brtuomi Worldwide Limited.
Brtuomi was one among two participants to a fintech regulatory program set up by FSC for companies to test new financial solutions.
Huobi Group’s global expansion
After China banned crypto trading, Huobi Group has been focusing its efforts on its global strategy. A Huobi Global affiliate obtained a money transfers license in July that would allow money transfer and foreign exchange across the U.S.
Huobi claims that its subsidiary has been granted an “Investment Business License in the British overseas territory.” Brtuomi was not listed on the list of FSC-regulated entities which hold investment business licenses. CoinDesk reached out to FSC for comments.
Huobi claims that its subsidiary will be able operate an “institutional grade virtual assets trading platform for professional and retail investors” after “all conditions have been satisfied”. This could include a variety of services such as crypto spot trading or derivative trading.
Huobi didn’t say when the exchange would be established, but stated that it was working with regulators to “develop a suite licensed trading products and services.”
