Huobi Said to Be Launching Bitcoin, Ether Funds After Being Granted Hong Kong License
The new license allows Huobi to advise on and manage securities investments.
Cryptocurrency exchange operator Huobi has been granted a license from Hong Kong's Securities and Futures Commission.
- British Virgin Islands-incorporated Huobi Technology Holdings announced Thursday that its wholly-owned subsidiary, Huobi Asset Management, had received approval to manage portfolios investing in virtual assets.
- Following the news, Huobi is now launching bitcoin, ethereum and multi-strategy funds, according to Chinese blogger Colin Wu.
- The new funds, along with Huobi's sizable ecosystem, could bring more traditional Asian investors into the cryptocurrency space, he said.
- Wu raised as a potential issue that Huobi's "founder cannot leave China and is under investigation."
- Indeed, in January, multiple sources told CoinDesk a key executive was taken into custody by Chinese police due to an investigation related to the exchange’s over-the-counter trading service.
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