Get a license to trade cryptocurrencies.

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.