Crypto Exchange Huobi Tweets Plan to Move to Caribbean

Dominica, Panama and the Bahamas are the frontrunners, according to Justin Sun, who advises the company.

AccessTimeIconNov 3, 2022 at 9:52 a.m. UTC
Updated Nov 3, 2022 at 4:34 p.m. UTC
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Jamie Crawley is a CoinDesk news reporter based in London.

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Crypto exchange Huobi Global, one of the largest cryptocurrency platforms in Asia, appeared to confirm that it plans to move to the Caribbean by retweeting a post by Justin Sun, founder of the Tron blockchain network and an adviser to the company.

The exchange, founded in China in 2013, is currently based in the Seychelles. Last month, it agreed to be bought by the M&A fund of Hong Kong-based investment company About Capital Management for an undisclosed amount.

Sun, who stepped down as the Tron's CEO to become Grenada's ambassador to the World Trade Organization last year, said in an interview with the Financial Times earlier this week that the Caribbean's "super-friendly" crypto stance, use of English and common law-based legal systems, made it an attractive region to set up shop. He added that Dominica, Panama and the Bahamas were the frontrunners.

Dominica may be the most likely destination should Sun's influence come to bear. Last month, Tron entered into an agreement with the Dominican government to issue a national fan token to promote the island's heritage and tourism.

The move would mark the latest instance of a crypto exchange migrating from Asia to the Caribbean in search of a more helpful regulatory environment. Last year FTX moved its headquarters from Hong Kong to the Bahamas.





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Jamie Crawley is a CoinDesk news reporter based in London.