Get a license to trade cryptocurrencies.

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The brokerage unit will be able to start trading in cryptocurrencies once it has acquired this license.

Huobi Technologies (1611.HK) said that its brokerage subsidiary, HBIT, had obtained a license to conduct foreign exchange and money transfer operations in the U.S., which will enable it to offer cryptocurrency transactions.

  • FinCEN issued HBIT a Money Services Business Registration License (MSB) on Tuesday, as announced in a statement.
  • The statement said that Huobi Technology's compliance process had made progress, laying a foundation for the company to do business involving digital currencies in the United States in the future.
  • In December 2020, Huobi Trust Company, a digital asset trust provider from Huobi Technology, obtained a trust license from the Nevada Financial Institutions Division. The license allowed the company to offer custodial and compliance services in the U.S..
  • Huobi Technology is seeking to expand its business in the United States and offer more digital asset services.
  • Huobi Tech is the Hong Kong-listed company of Huobi Group, under which the eponymous exchange operates. The two companies share a common shareholder and branding, but they are not formally affiliated.
  • After China's crackdown on crypto in May, Huobi Group worked quickly to transfer its Chinese employees abroad.
  • Huobi Group entered the U.S. in 2018 but exited in December 2019 due to regulatory concerns. In February, co-founder Du Jun said that the company planned to re-enter the U.S. market.

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