Huobi Technologies (1611.HK) said its brokerage subsidiary, HBIT, has obtained a license to conduct foreign exchange and money transfer operations across the U.S., a step along the way for it to offer cryptocurrency transactions.
- HBIT received a Money Services Business Registration License (MSB) from the U.S. Financial Crimes Enforcement Bureau (FinCEN), according to a statement Tuesday.
- "This is progress in the compliance process of Huobi Technology, creating a good compliance foundation for the company to carry out digital currency-related business in the United States in the future," the statement said.
- Another branch of Huobi Technology, digital asset trust provider Huobi Trust Company, obtained a trust license from the Nevada Financial Institutions Division in December 2020. The license enabled the company to offer custodial and compliance 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 Hong Kong-listed affiliate of Huobi Group, under which the eponymous exchange operates. The two companies share a common shareholder, Leon Li, and branding but are not formally affiliated.
- Last year after China's cracked down on crypto in May, Huobi Group scrambled to move its China staff overseas.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.