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Huobi-Branded Crypto Exchange Launches for Malaysian Market
Huobi Labuan said it's been licensed in Malaysia for a nine-month trial period of cryptocurrency spot and derivatives trading services.
Updated Sep 14, 2021, 10:35 a.m. Published Nov 27, 2020, 1:00 p.m.
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There's now an additional cryptocurrency exchange serving the Malaysian market, after a new Huobi-linked platform announced its launch Friday.
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- Huobi Labuan said in an emailed press release it aims to provide users in the nation with a "safe and regulated" platform for trading cryptocurrencies.
- The exchange received a digital asset trading brokerage service license from "Malaysian authorities" in September for a nine-month trial period of operation, according to the release.
- Responding to a question from CoinDesk, a representative detailed that the Labuan Financial Services Authority issued the license.
- Under the license, Huobi Labuan is permitted to provide spot and derivatives trading services in Malaysia.
- The exchange will initially support over a dozen different crypto assets including bitcoin, ether, EOS and Huobi's own HT token. After the trial period, more cryptocurrencies can be added.
- The crypto exchange has been set up as a "local operating partner" of Huobi Cloud – a scheme allowing "vetted partners" to launch exchanges leveraging Huobi’s trading technology and digital asset infrastructure.
- CoinDesk reached out for further details on who the partner entity is.
- Huobi Global is the world's second-largest cryptocurrency spot exchange by volume, according to CoinMarketCap.
Update (Nov. 28, 9:54 UTC): Added regulating authority.
See also: Libra Plans Dollar-Pegged Stablecoin Launch in January 2021: Report
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