Huobi Group chooses Singapore as its regional HQ

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China’s cryptocurrency exchange operator Huobi Group has chosen Singapore as its regional headquarters, according to a report from Bloomberg. The company is also planning to choose another location in Europe to expand its business.

The report cited Huobi Group's co-founder Du Jun that Singapore has become the business' new base after it shifted focus outside its original home of Beijing lately due to the Chinese government banned all crypto transactions and services on the mainland. Huobi said it will offload all China users by the end of 2021.

In September, China said all transactions of cryptocurrencies were illegal, banning digital tokens such as Bitcoin. The People's Bank of China said virtual currency-related business activities were illegal financial activities and they seriously endangered the safety of people's assets. Although trading cryptocurrency has officially been prohibited in China since 2019, but people can trade them online through foreign exchanges.

Huobi Group is not new to Singapore as employees of the company have been running an exchange business in the city state for years. Du said Southeast Asia is an attractive market as the number of trading users "quadrupled over the past month."

Moreover, Du said in the same report that the company is planning to set up a regional headquarters in either France of the UK in 2023.

Other report also said the headquarters will manage operations for Southeast Asia. Since May, the company has moved many of its employees to Singapore including Du. Currently, another co-founder Leon Li is still in China.

Founded in 2013, Huobi Group's business include blockchain, public chain, digital assets trading and wallet, digital economy research. It has established regulated entities in many countries and regions, including Japan and South Korea. In 2018, Huobi Group acquired listed company Pantronics Holdings in Hong Kong, which was renamed "Huobi Technology" afterwards. It has a mission to make breakthroughs in core blockchain technologies and integration of blockchain technology with other industries.

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