Justin Sun, founder of Tron, has announced cryptocurrency exchange Huobi has applied for a license in Hong Kong.
He has said:
"With the new license, Huobi will be able to expand its services and offerings to customers in Hong Kong, providing a wider range of crypto trading and investment options."
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Sun has reported the company also intends to launch a new exchange in the jurisdiction, Huobi Hong Kong, which "will be fully compliant with local regulations."
Sun has written:
"The new exchange will focus on providing trading services for institutional investors and high net worth individuals in Hong Kong."
Huobi's native token, the Huobi Token (HT), has seen a significant rise after the news broke. It has increased by about 12% over the past 24 hours, according to CoinMarketCap.