Huobi Tech Subsidiary Is Granted US Money Transfer License

The license opens the door for the brokerage unit to offer cryptocurrency transactions in the future.

AccessTimeIconJul 6, 2022 at 10:51 a.m. UTC
Updated May 11, 2023 at 3:35 p.m. UTC

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.
  • 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.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.