Huobi Group is drifting away its spot trading business from China. The exchange said in a press release it has received approval from the Gibraltar Financial Services Commission (GFSC) to migrate its operations to an affiliated entity called Huobi Technology. Founded in China, Huobi will provide spot trading services through its subsidiary — Huobi Gibraltar.
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"The DLT license enables the use of DLT for storing or transmitting value belonging to others, within the scope of the licensed activities authorized by the GFSC, in or from Gibraltar," the press release says.
The move comes after Huobi Global announced it would stop serving customers in mainland China after the People's Bank of China, the country's central bank, issued stricter measures to crack down on activities related to cryptocurrency trading. A Huobi spokesperson said back then the exchange suspended the provision of services to focus "on expanding overseas business."
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