Huobi is assertively expanding its global presence and on Wednesday announced that it has received a money services businesses (MSB) license from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).
The license will enable Crypto exchange Huobi Global to effect foreign exchange and money transfer operations across Canada except for Qubec. The license will also enable the Crypto exchange to diversify and expand into other conventional finance activities.
The Third Financial License For The Huobi In A Month
Giving the details regarding obtaining an MSB license in Canada the Crypto exchange in a tweet on July 13 said that it will be the third financial license for the crypto exchange in a month. Earlier Huobi secured the DIFC license in Dubai and was also able to get into New Zealand’s Financial Services Provider Register.
The latest MSB license will enable Huobi Group to do crypto commerce in Canada (excl. Quebec). The license will also enable the Crypto exchange to affect OTC bus fiat to cryptocurrency, crypto to crypto exchange, and local promotional events. The license will also enable Huobi Global to link itself with the current global financial ecosystem.
The license that the Crypto exchange obtained is mandatory to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. It is a safety net to weed out unscrupulous elements who are involved in money laundering and terrorist activity financing in Canada.
Another Huobi subsidiary HBIT Inc. also obtained an MSB license from the U.S. Financial Crimes Enforcement Bureau (FinCEN). The latest incursion in Canada is a part of an aggressive bid by the Crypto exchange to expand its base in North America.
The license also makes sure that the interests of the investors are protected and that users get safe and compliant digital assets and other services. Canada is a favorite destination for crypto investors since it is one of the most crypto-friendly nations and is foremost in adopting blockchain and digital technologies. A number of entities like Ripple and FTX entered the country last month and have boosted the confidence of crypto investors.