Australia Has Given Approval to Huobi as a Cryptocurrency Exchange Provider

Huobi, a cryptocurrency exchange based in Gibraltar that provides services in Australia, has gotten regulatory approval to operate there.

After its registration as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC) on August 1, cryptocurrency exchange Huobi will be able to provide crypto-to-fiat trading services in Australia. This implies that Huobi can now provide fiat to bitcoin trading services in the country.

Cointelegraph has contacted Huobi to find out whether it will be able to provide full exchange services. After receiving its registration, the firm said it would concentrate on providing over-the-counter services.

The exchange is also planning to enter the American market, which it has referred to as its “territory of possibilities.” In July 2022, Huobi established an American subsidiary, HBIT. With a Money Services Business license under development, the firm aims to provide trade services in the future.

In June 2022, Huobi was granted licenses in New Zealand and the United Arab Emirates. The Dubai Virtual Assets Regulatory Authority (VARA) authorized the exchange to start offering services in the country during a provisional approval on May 31, 2019. As part of its application for licensure, Huobi will provide a comprehensive range of cryptocurrency exchange products and services that will be carried out using a test-adapt-scale model.

During the same month, Huobi had issues in Thailand, eventually shutting down after failing to meet Thai Securities and Exchange Commission standards. Following China’s most recent cryptocurrency usage ban, Huobi was compelled to move to Gibraltar late 2021. Gibraltar has become a desirable location for Bitcoin activities and service providers since China’s latest crackdown on cryptocurrencies.

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