Singapore continues its rise as Asia’s crypto hub with China’s largest exchange, Huobi, picking the city-state as its regional headquarters.
Huobi Group has selected Singapore as Asia headquarters following a recent shift in focus away from its original home in Beijing, according to a «Bloomberg» report citing co-founder Du Jun.
Du underlined Southeast Asia as an attractive crypto market with the number of users quadrupling over the past month. He also noted that the firm has plans to set up a European headquarters either in France or the U.K. in 2023.
Earlier this month, Huobi advised Singapore-based customers to close out all active positions and withdraw all digital assets from the platform, as it would be gradually phasing out services for them, ahead of the launch of its local entity.
Huobi in China
Founded in Beijing in 2013, Huobi is the largest cryptocurrency exchange in China and the sixth-largest in the world by trading volume.
Its shift abroad coincides with China’s ban on all crypto transactions and services on the mainland in September this year.
According to Du, all China users will be offloaded from the platform by the end of this year.
