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As a majority stakeholder, About Capital intends to fuel Huobi’s international brand promotion and business expansion among other initiatives.

Crypto exchange Huobi Global announced that About Capital Management (HK) Co. Ltd, an Hong Kong based-asset management firm became the exchange’s controlling shareholder following a successful buyout deal.

While the transaction of an undisclosed amount crowns About Capital as Houbi’s new controlling shareholder, the exchange stated that core operation and business management teams would have no impact due to the transition.

As a majority stakeholder, About Capital intends to fuel Huobi’s international brand promotion and business expansion initiatives, adding that:

“Upon successful implementation of the initiatives, Huobi Global will be well positioned to provide first-class trading and investment services to international investors.”

About Capitals also disclosed plans to build a global strategic advisory board “led by leading industry figures” among other initiatives such as setting up margin and risk provision fund, and measures to enhance the exchange’s competitiveness.

Previously, in August, Sam Bankman-Fried, the CEO of crypto exchange FTX, denied a Bloomberg report that claimed FTX was planning to purchase Huobi. Huobi concluded the announcement by highlighting its exit from China.

On Sept. 14, Huobi Global became the third major cryptocurrency exchange to pen a blockchain ecosystem development agreement with the South Korean city of Busan.

According to an official announcement from Huobi, the partnership will see the company provide research and development, technology and financial support for the Busan Digital Currency Exchange. In addition, Huobi is also set to assist in identifying and hiring blockchain talent for Busan’s local exchange.

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blockchain city

Huobi Global is the third major cryptocurrency exchange to pen a blockchain ecosystem development agreement with the South Korean city.

South Korea’s ‘blockchain’ city of Busan continues to establish agreements with cryptocurrency industry heavyweights as Huobi Global enters the development ecosystem.

Huobi Global and its Korean branch became the latest exchange to sign a memorandum of understanding with the Busan Metropolitan City government to participate in the growth of its blockchain industry.

According to an official announcement from Huobi, the partnership will see the company provide research and development, technology and financial support for the Busan Digital Currency Exchange. Huobi is also set to assist in identifying and hiring blockchain talent for Busan’s local exchange.

Huobi has been operating a local office since 2019 and received a mandatory regulatory license from the South Korean Financial Services Commission in 2021. The company cites its operational experience within the country as an important factor in assisting Busan’s goal of becoming a global cryptocurrency and blockchain hub.

A statement from Huobi Korea CEO Junyong Choi highlighted the company’s existing business ties with Korean blockchain ecosystem participants and the expertise of the Huobi Research Institute and Huobi Academy as key drivers of the partnership:

"We believe that Busan has strong attributes for fostering innovation and growth, and share their belief that blockchain technologies can transform and benefit traditional industries."

Huobi has also committed to sponsoring the Busan Blockchain Week at the end of October 2022 as part of the agreement.

Busan also signed an agreement with Sam Bankman-Fried’s cryptocurrency trading platform FTX in August 2022 to assist in the development of Busan’s local exchange. Binance also penned a similar deal with the city in the same month, with CEO Changpeng ‘CZ’ Zhao in attendance during the announcement.

Both FTX and Binance are set to establish a local presence in the city as part of the deal, while Huobi Korea’s local office already has a foothold in Busan.

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Huobi wins license in the British Virgin Islands, no timeline for the UK yet

September 9, 2022 Coin Telegraph

Coin Telegraph

Huobi positions its subsidiary Brtuomi Worldwide as one of the first exchanges to provide compliant crypto derivatives and trading services in the British Overseas Territory.

Major cryptocurrency exchange Huobi continues to expand its global footprint by entering the British Virgin Islands, a British Overseas Territory.

Huobi officially announced on Friday that it secured an investment business license from the Financial Services Commission (FSC) of the British Virgin Islands. The approval allows Huobi to operate a virtual asset exchange under the subsidiary Brtuomi Worldwide Limited (BWL).

According to the announcement, BWL plans to offer a range of crypto trading services, including spot trading of cryptocurrencies like Bitcoin (BTC) and Ether (ETH) as well as derivatives trading.

The company positions itself as the first digital asset trading platform operator in the British Virgin Islands licensed to run an institutional-grade crypto trading platform for both professional and retail investors.

“We believe that this license will have major implications for institutional investors, as it will make us the first exchange to provide compliant crypto derivative products and trading services in the territory,” Huobi Group chief financial officer Lily Zhang said, adding:

“Many institutional investors in the crypto industry operate out of the British Virgin Islands, so we think there’s a large market opportunity there.”

Zhang noted that Huobi also holds a distributed ledger technology license in the territory of Gibraltar. Huobi Group doesn’t have any specific timeline as to when services will expand to the rest of the United Kingdom, the CFO told Cointelegraph.

Apart from becoming an officially regulated entity in the British Virgin Islands alongside companies like Alameda Trust and Three Arrows Capital, BWL is also a member of the FSC’s financial innovation sandbox.

According to official FSC records, BWL is the second sandbox participant approved by the FSC alongside Structure Financial, a global trading platform facilitating crypto-based investing and lending. The regulator established the sandbox in 2020 with an aim to support innovation in the growing fintech sector and allow businesses to trial new products and services.

“Going forward, we will work closely with the British Virgin Islands regulators to develop a suite of licensed trading products and services and foster the cryptocurrency industry’s growth in the territory,” Zhang stated.

The British Virgin Islands is one of the major global destinations for cryptocurrency-related firms. According to data from PwC’s fourth annual global crypto hedge fund report 2022, the British Virgin Islands overtook the United States as the second most popular location for crypto hedge funds.

In June, a court in the British Virgin Islands ordered the liquidation of Singapore-based venture capital firm Three Arrows Capital. The firm is registered by the FSC as a professional fund, according to official data.

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